Update on the Annual General Meeting of Shareholders

On 9 August Yatra Capital Limited (the “Company”) issued a Circular to shareholders (“Circular”) convening its Annual General Meeting at 2.00pm on Thursday 22 September 2011 at the registered office of the Company.

Further to the issue of this Circular, the Board has received a number of queries and comments from shareholders concerning the proposals to create a new share class in the Company as set out in Resolutions 4, 5 and 6 on page 13 of the Circular (the “Proposals”).

Although there has been broad investor support for the underlying goals of the Board in introducing a new share class, a number of potential amendments to the Proposals have been suggested which the Board is taking into consideration with a view to ensuring that the package of changes as a whole receives the maximum possible level of investor support.

Accordingly, the Board has determined that until a final position has been reached on the potential amendments to the Proposals, the Proposals as currently drafted should not be implemented.

Therefore, the Board is recommending that investors abstain from voting on the Proposals pending the possible convening of a further Extraordinary General Meeting of the Company at which a revised package of proposals will be put forward for investor approval (although if a satisfactory package cannot be formulated, no such further Extraordinary General Meeting will be convened and the new share class will not be introduced).

For the avoidance of doubt, the recommendation that investors abstain from voting is limited to Resolutions 4, 5, and 6 as set out in the Circular. If more than 33.34% of investors present at the Annual General Meeting either abstain or vote against each of the Proposals, then those resolutions will not be passed.

The Board continues to recommend that all other Resolutions set out in the Circular (being Resolutions 1, 2, 3, 7 and 8) be approved.

We look forward to seeing you at the Annual General Meeting.

Yours faithfully,
Sir Nigel Broomfield

Enquiries to:    
Yatra Capital Limited David Hunter +44 (0)7767 432 203
  Gavin Wilkins +44 (0)1534 702 815
IL & FS Investment Advisors LLC (IIAL) Vijay Ganesh +230 403 4384

Notes to Editors:

  • In December 2006, Yatra raised €100m to invest in Indian real estate. Yatra is the first company listed on NYSE Euronext in Amsterdam with a strategy to invest in the Indian real estate market.
  • Yatra completed a successful secondary fund raising of €120 million in Q4 2007.
  • Yatra invests in India through the advice it receives from the Sub Investment Committee of K2, a subsidiary of Yatra and IIAL (Formerly Saffron Capital Advisors Limited).
  • Yatra has entered into 15 investments, of which two are entity level investments, spread across 9 cities resulting in a development potential of over 19.8 million square feet of saleable/leasable area (excluding car parking and other non revenue generating areas) as at 31 March 2011.
  • IIAL is a wholly owned subsidiary of IL & FS Investment Managers Limited (IIML). IIML is a leading India focussed private equity fund management house with over USD 3.2 billion equity under management.
  • Yatra focuses on investing in opportunities that create high value for its shareholders with a focus on tier 2 and tier 3 cities. Yatra also considers investments into tier 1 cities, subject to value based acquisitions.
  • Further information on Yatra is available from the website www.yatracapital.com.
  • Further information on IIAL is available from the website www.iimlindia.com.

September 16, 2011

Message details

Sub-group Equities
Issuer Yatra
Category Meeting
Securities name Ordinary shares
Publication date September 19 2011


AGM circular.pdf