Shareholders Ctrip and Crawford also offer 2.67 million shares
By Marisa Wong
Madison, Wis., May 22 – eHi Car Services Ltd. said it has signed definitive agreements to sell up to 22,337,924 class A common shares in two tranches for proceeds of about $134 million.
The company will issue the common shares at $6.00 each, equivalent to $12.00 per eHi American Depositary Share, to Tiger Global Mauritius Fund, SRS Partners I Mauritius Ltd. and SRS Partners II Mauritius Ltd.
The price per ADS is a 14.77% discount to the May 21 closing ADS price of $14.08.
The initial tranche will consist of 11,437,924 shares. The second tranche, subject to shareholders’ approval within 60 days after the initial issuance, will consist of 10.9 million additional shares.
The initial tranche is expected to close no later than May 26.
eHi also announced on Friday that two major shareholders, Ctrip Investment Holding Ltd. and the Crawford Group, Inc., signed definitive agreements to sell a total of 2,666,666 common shares (including some in the form of ADSs) to the three investors of the company’s private placement.
Ctrip will sell 1,666,666 shares at $6.00 per share, equivalent to $12.00 per ADS, and Crawford will sell 500,000 ADSs at $12.00 per share.
After completion of the shareholder sale, Ctrip and Crawford will remain eHi’s two largest shareholders.
eHi is a car services and car rentals provider based in Shanghai.
| Issuer: | eHi Car Services Ltd.
|
| Issue: | Class A common stock
|
| Amount: | Up to $134,027,544
|
| Shares: | Up to 22,337,924
|
| Price: | $6.00 ($12.00 per ADS)
|
| Warrants: | No
|
| Investors: | Tiger Global Mauritius Fund, SRS Partners I Mauritius Ltd. and SRS Partners II Mauritius Ltd.
|
| Announcement date: | May 22
|
| Settlement date: | May 26 for initial tranche
|
| Stock symbol: | NYSE: EHIC
|
| Stock price: | $14.08 at close May 21
|
| Market capitalization: | $909.77 million
|
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