Global private equity major Warburg Pincus will be divesting its 50% shareholding or 94,500,053 shares in Lemon Tree Hotels that is launching an initial public offering (IPO) of over Rs 1,000 crore next week. According to Patanjali G Keswani, chairman and managing director, Lemon Tree Hotels, the promoters are not selling any of stake in the company. Lemon Tree will raise a little over Rs 1,038 crore at the higher end of the price band. The largest branded player in the Indian mid-market hotel segment, Lemon Tree Hotels currently operates 45 hotels with 4,697 guestrooms across 28 cities. While Lemon Tree owns and operates close to 70% of its hotels (under Lemon Tree Premier, Lemon Tree and Red Fox brands), balance 30% is through management contracts.

Source: dna March 20, 2018 00:00 UTC