India Hospitality Announces US $75 Million

India Hospitality Corp, today announced that its controlling shareholders, Navis Capital Partners and Hayground Cove Asset Management, have committed to invest an aggregate of an additional US $75 million in the company.
Reaffirming their commitment to IHC and their enthusiasm for these growth opportunities, executives from Navis and Hayground Cove will play increasingly active roles at the Board and operating company level. Further strengthening the working partnership, the Company announced that IHC's Board of Directors approved the appointment of current director and interim Chief Executive Officer Richard Foyston, a founder and Managing Director of Navis, as IHC's Deputy Chairman.
The investment from Navis and Hayground Cove comes approximately four months after the closing of IHC's acquisition of Navis-owned Mars Restaurants Private Limited and SkyGourmet Catering Private Limited for US $110 million, in which Navis had retained an option to invest up to US $75 million back into India Hospitality. The revised terms of the option allow both sponsors to invest US $75 million in IHC but now as a staged investment which more closely matches the Company's need for capital. Hayground Cove and Navis will acquire units (of one ordinary share and two warrants) for an immediate equity investment of US $28,125,000. With the warrant exercise, the total investment will equal US $75 million.
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Categories: Foreign Dec 2007, New Dec 2007