Around 31 million shares representing 7 per cent of the total equity of Lemon Tree Hotels changed hands on the BSE via block deal
Analysts say investors have turned wary of firms with high promoter pledging, given rising corporate debt
To fund buyout, its subsidiary will raise capital from a Dutch pension fund, an existing investor, and parent Lemon Tree by issuing compulsorily convertible preference shares worth Rs 421 cr
Lemon Tree expects its upscale brand Aurika, coming up near the Mumbai International Airport, to be up and running over the next two years
Besides India, the other markets that the company is looking at include Thimphu (Bhutan), Dubai and Kathmandu (Nepal)
Lemon Tree Hotels is the first hospitality firm to enter the segment
The stock rallied 7% to Rs 89.80, extending its past two days 23% surge on BSE, after the company said its arm signed three management contracts in the state of Uttarakhand
The impressive performance was despite a lukewarm response to the hospitality chain's Rs 10-billion initial public offering
5 of 9 stocks trading below their issue price; retail investors give IPOs a miss
We are delighted to bring the Lemon Tree brand to Patna and Alwar: Deputy Managing Director
The company has 40 hotels with 4,300 rooms in 24 cities across the country