Exercise of the call option

RNS Number : 2467U

India Hospitality Corp.

19 December 2011

 



India Hospitality Corp.

19 December 2011

Exercise of the call option

On 16 December 2011, gateGroup Investments Singapore Pte Ltd (GG) notified its intention to exercise its Call Option pursuant to Article 6.2 of the Shareholders Agreement entered on 11 November  2010 (as amended and hereinafter 'SHA') among GG, Gate Gourmet Luxembourg Holding 1 S.A.R.L., Tatva Consulting Private Ltd, Skygourmet Catering Private Limited (SG)and IHC Mauritius.  The parties have agreed between themselves that the Call Option can be exercised notwithstanding the option periods set out in the announcement of 11 November 2010.

Accordingly the entire remaining shareholding representing 26% of SG, currently held by IHC Mauritius, will be transferred to GG or its nominee by 14 February 2012 at a consideration as set out in the announcement of 11 November 2010.

For Further Information Contact:

India Hospitality Corp.

Rajesh Mittal

[phone]

[e-mail]

www.indiahospitalitycorp.com

Nominated Adviser: Grant Thornton Corporate Finance

Colin Aaronson, Salmaan Khawaja [phone]

Broker: Execution Noble & Company Ltd.

James Bromhead

[phone]

Media Contact: Mutual Public Relations Ltd.

Harsh Wardhan

[phone]

About India Hospitality Corp.

The Company is present in hotel & restaurant segments, through its India-based subsidiary Wah Restaurants Private Limited (formerly Mars Restaurants Private Limited) ("Wah Restaurants").Wah Restaurants operates 58 patisseries under the "Birdy's" brand and a hotel in India.

 

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