By Tulemino Antao MUMBAI, DEC 20 : Shares of EIH were up over 5% in mid-afternoon trade Monday on hopes of an open offer if major shareholders - Reliance Industries Investment and Holding Pvt Ltd and ITC Ltd - opt to apply for the rights issue of equity shares, dealers said. Securities and Exchange Board of India has approved EIH's rights share issue to raise up to Rs 13 billion. "In case both the major shareholders choose to apply for the rights shares, their holdings in the company will breach the 15% threshold level triggering the mandatory open offer, as per current regulations," said Rashesh Shah, an analyst with ICICI Securities. As of end-September, RIIHPL held 14.80% stake and ITCL 14.98% in EIH, as per details on Bombay Stock Exchange's website. At 12:41PM, the EIH stock was trading at Rs 119.40 on National Stock Exchange, up 5.7% from previous close. Filed by Harold Rasquinha