Lemon Tree Hotels holds IPO

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Lemon Tree Hotels held its ₹10 billion (US$159 million) IPO for 185 million equity shares allowing shareholders to sell a portion of their stake.

“The objective of the IPO was to achieve the benefits of listing the equity shares on the stock exchanges and for the sale of certain equity shares by the selling shareholders,” said Namita Das, a senior associate at AZB & Partners.

The offer for sale included 94 million equity shares by Maplewood Investments, 25 million equity shares by RJ CORP, 23 million equity shares by Five Star Hospitality Investment and 13 million equity shares by Ravi Kant Jaipuria and Sons.

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