AIM
27 July 2006


ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
INDIA HOSPITALITY CORP.


COMPANY ADDRESS:
c/o OGIER FIDUCIARY SERVICES (CAYMAN) LIMITED

QUEENSGATE HOUSE

113 SOUTH CHURCH STREET

P.O. BOX 1234 G.T.

GRAND CAYMAN

CAYMAN ISLANDS


COMPANY POSTCODE:
NONE


COUNTRY OF INCORPORATION:
CAYMAN ISLANDS


COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN
ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:
The Company will initially pursue acquisition(s) only of an Indian business, businesses or assets focused on the
hospitality, leisure, tourism, travel and related industries, including but not limited to hotels, resorts,
timeshares, serviced apartments and restaurants. While Company's potential acquisitions could come from any of
these sectors, the primary focus will be on the hospitality industry. The Company expects to pursue acquisitions
initially only in India. The Company expects to be an active investor and will seek, to the extent permitted by
all applicable laws, to control and operate any Target Business that it acquires an interest in. Other than where
the acquisition of a company is not legally possible, the Company intends to acquire either the entirety or a
majority of such company, however, the Company may also consider the possibilities of acquiring minority shares
in such company. The Company's management team has a successful track record of completing large-scale
acquisitions and minority investments in businesses competing in the hospitality, leisure, tourism, travel and
related industries. The Company's management team's experience and familiarity with the hospitality, leisure,
tourism, travel and related industries is an important asset that will assist the Company in implementing its
business strategies and pursuing the Company's growth opportunities. Subject to certain exceptions, the Company
must complete a Qualified Business Combination (as described in more detail in the Admission Document) within 12
months of Admission.


DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which
it seeks admission and the number and type to be held as treasury shares):
21,333,334 ordinary shares with par value of $0.001 per share

34,333,334 warrants over ordinary shares, each exercisable for one ordinary share at $5.00



The ordinary shares and warrants are being issued in Units, at $6.00 per Unit, each Unit consisting of one
ordinary share and 2 warrants.  The ordinary shares and warrants will begin trading separately on the Admission
Date.




CAPITAL TO BE RAISED ON ADMISSION:
US$103,000,000


FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:
Jason Ader (Chief Executive Officer and Chairman of the Board of Directors)

Andrew Sasson (Chief Operating Officer and Director)

Raj Nandiwada (Vice President, New Business Development)

Christa Short (Director)

Pawan Munjal (Director)

Anthony Juliano (Director)

Manvinder Puri (Director)

Rajeev Talwar (Proposed Director)


PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL
BEFORE AND AFTER ADMISSION:

Before the Admission (Name / No of shares / % of issued capital):

Hayground Cove Asset Management LLC / 3,655,728 / 87.7% (Note 1.)

After the Admission (Name / No of shares / % of issued capital):

Hayground Cove Asset Management LLC / 8,322,395 / 39.0% (Note 1.)

Deutsche Bank Securities Inc. / 1,802,666 / 8.4%

Jana Partners LLC / 1,666,667 / 7.8%

Fortress Investment Group, LLC / 1,333,333 / 6.2%

Old Lane LP / 833,333 / 3.9%

SLS Capital / 800,000 / 3.7%

Seneca Capital / 650,000 / 3.0%

Scoggin Capital Management LP / 650,000 / 3.0%



Note 1.  Jason N. Ader, the Company's Chairman of the Board of Directors and Chief Executive Officer, does not
directly own any of Hayground Cove's Existing Shares, Units being purchased by it in the Private Placing and
Units being purchased by it in the Offering; however, Mr. Ader is the sole member of Hayground Cove, the managing
member of the general partner for each of the funds and accounts it manages and, in this capacity, he may be
deemed the beneficial owner of the ordinary shares held by Hayground Cove and the funds and accounts it manages
for purposes of applicable securities laws. Mr. Ader is also an investor in certain of the funds managed by
Hayground Cove Associates LP.  Ordinary shares are and will be held by Hayground Cove Asset Management LLC for
itself and for the funds and accounts it manages.


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
NOT APPLICABLE


ANTICIPATED ACCOUNTING REFERENCE DATE:
31 December


EXPECTED ADMISSION DATE:
1 August 2006


NAME AND ADDRESS OF NOMINATED ADVISER:
Deutsche Bank AG, London Branch

1 Great Winchester Street

London

EC2N 2DB


NAME AND ADDRESS OF BROKER:
Deutsche Bank AG, London Branch

1 Great Winchester Street

London

EC2N 2DB


DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT
THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
Deutsche Bank AG, London Branch

1 Great Winchester Street

London

EC2N 2DB


DATE OF NOTIFICATION:
27 JULY 2006


NEW/ UPDATE (see note):
UPDATE






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