Last checked at 19 Dec 2011 13:10
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
+91 124 497 6803
rmittal@ihcor.com
www.indiahospitalitycorp.com
Nominated Adviser: Grant Thornton Corporate Finance
Colin Aaronson, Salmaan Khawaja +44 20 7383 5100
Broker: Execution Noble & Company Ltd.
James Bromhead
+44 20 7456 9191
Media Contact: Mutual Public Relations Ltd.
Harsh Wardhan
+91 11 4362 0700
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.