Global special situations investor Clearwater Capital has increased its stake in Indian hotel manager Kamat Hotels to 41.3 percent after acquiring additional shares in the listed company and converting existing bond holdings into equity. Clearwater, which previously held a 21.99 percent stake in Kamat, purchased over 1.7 million shares (9.07 percent of shares outstanding) on the Bombay Stock Exchange and converted an additional 1.9 million shares (10.23 percent of shares outstanding) from bonds into equity for an aggregate cost of INR233.8 million (approximately US$4.2 million). Kamat Hotels owns and operates both luxury and budget hotels in western India.