Clearwater makes open offer for 26 pc stake in Kamat Hotels

NEW DELHI: Clearwater Capital Partners has made an open offer to acquire 26 per cent stake in Kamat Hotels after conversion of FCCBs into equity shares.

Clearwater is offering a price of Rs 135 per equity share for acquisition of 4,964,283 shares aggregating to Rs 67 crore in cash, Kamat Hotels said in a filing to the BSE.

"This is a 'triggered offer' due to conversion of FCCBs into equity shares of the target company," the filing said.

The FCCBs are listed on Singapore Exchange Securities Trading Ltd.

The acquirer is bondholder of bonds which are equivalent to USD 5.97 million, the filing said.

Prior to conversion of the bonds, Clearwater's shareholding in Kamat Hotels was 23 per cent, which went up to 30.88 per cent after the conversion of the FCCBs triggering the open offer.

Systematix Corporate Services Ltd is managing the open offer for Clearwater Capital Partners.

In March 2007, Kamat Hotels India had opened its issue of USD 18 million Foreign Currency Convertible Bonds (FCCB), which had a maturity period of five years and one day.

Kamat Hotels' scrips closed at Rs 124.50 per share, up 1.06 per cent on the BSE.

For the fiscal year ended March 2011, Kamat Hotels posted revenue of Rs 122.03 crore and net profit of 1.37 crore.