Comments
Lemon Tree Hotels Ltd has filed a draft red herring prospectus with SEBI to launch an initial public offering. The company plans to sell up to 19.58 crore shares through the public issue.
The issue consists entirely of an offer-for-sale by 10 investors including 9.45 crore shares by Maplewood Investment; 2.53crore shares by RJ Corp; 1.39 crore shares by Ravi Kant Jaipuria and Sons; and 1.03 crore shares by Citron.
The offer would constitute up to 24.9 per cent of the post offer share capital of the company.
The price band and the minimum bid lot will be decided by the company and Maplewood in consultation with global coordinators and book-running lead managers and book running lead managers.
Lemon Tree Hotels operates several mid-priced hotel chain across India. Kotak Mahindra Capital Co Ltd, CLSA India Pvt Ltd, JP Morgan India Pvt Ltd, YES Securities India Ltd are book-running lead managers to the issue
Lemon Tree Hotels said it aims to achieve the benefits of listing the equity shares on the stock exchanges.
“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders. Listing will also provide a public market for the equity shares in India,” it added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.