India Hospitality says controlling shareholders to invest 75 mln usd in company |
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Published
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Mon, 03 Dec 2007 09:02
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LONDON (Thomson Financial) - India Hospitality Corp (IHC) said its controlling shareholders Navis Capital Partners and Hayground Cove Asset Management have committed to invest an additional 75 mln usd in the company.IHC also said that interim chief executive Richard Foyston, a founder and managing director of Navis, has been appointed deputy chairman.Executives from Navis and Hayground Cove will play increasingly active roles at the board and operating company level, IHC said. On the completion of the investment, the two will collectively own around 15.5 mln shares, or 53 pct before the exercise of warrants, in IHC.The investment comes about four months after the closing of IHC's acquisition of Navis-owned Mars Restaurants Private Ltd and SkyGourmet Catering Private Ltd for 110 mln usd, in which Navis had retained an option to invest up to 75 mln usd back into IHC.TFN.newsdesk@thomson.comkal/roCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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