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eHi Car Services announces private placement of common stocks

05/25/2015| 5:27:00 PM| 中文

eHi Car Services Limited announced agreements for the issuance and sale in two tranches of up to a total of 22,337,924 Class A common shares.

SHANGHAI, May 22, 2015 /PRNewswire/ -- eHi Car Services Limited, a leading car rentals and car services provider in China, today announced that it has signed definitive agreements for the issuance and sale in two tranches of up to a total of 22,337,924 Class A common shares of the Company par value US$0.001 per share at a price per Common Share of US$6.00 (equivalent to US$12.00 per American depositary share of the Company ("ADS")), which is expected to raise gross proceeds of approximately US$134 million. Also on May 22, 2015, two major shareholders of the Company, Ctrip Investment Holding Ltd and the Crawford Group, Inc.  signed definitive agreements for the sale of an aggregate of 2,666,666 Common Shares (including certain shares in the form of ADSs).

Under the terms of the Agreements, the Company will issue new Common Shares to Tiger Global Mauritius Fund. SRS Partners I Mauritius Limited and SRS Partners II Mauritius Limited  in two tranches:

a) the first issuance of 11,437,924 Common Shares to the Buyers, at a price per Common Share of US$6.00 (equivalent to US$12.00per ADS) (the "Initial Issuance"), and

b) subject to the Company's shareholder approval within 60 days after the Initial Issuance, an additional issuance of 10,900,000 Common Shares to the Buyers, at a price per Common Share of US$6.00 (equivalent to US$12.00 per ADS).

Under the terms of the Shareholder Sale Agreement, Ctrip will sell 1,666,666 Common Shares to the Buyers, at a price per Common Share of US$6.00 (equivalent to US$12.00 per ADS), and Crawford will sell 500,000 ADSs to the Buyers, at a price per ADS ofUS$12.00. After the completion of the Shareholder Sale, Ctrip and Crawford will remain as the two largest shareholders of the Company.

Each of the Buyers has agreed not to, directly or indirectly, sell, transfer or dispose of any Common Shares acquired in the above transactions for a period of 180 days after the completion of the Initial Issuance, subject to certain exceptions.

The Initial Issuance is expected to close no later than May 26, 2015, subject to satisfying customary closing conditions.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

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TAGS: eHi | Tiger Global | private placement
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