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Lemon Tree Hotels Files Draft Papers For IPO

Lemon Tree Hotels Files Draft Papers For IPO:

Lemon Tree Hotels Ltd (LTHT) has filed draft red herring prospectus (DRHP) with markets regulator SEBI to float an initial public offering (IPO).

The public offer comprises sale of up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp, according to the draft red herring prospetus (DRHP).

The company owns and operates a chain of business and leisure hotels in India. Its amenities include restaurants, cafés, recreation bars, pools, fitness centers, and business centers and meeting rooms.

Lemon Tree Hotels Ltd. was formerly known as Krizm Hotels Pvt. Ltd. and changed its name to Lemon Tree Hotels Ltd. in 2010. The company was incorporated in 1992 and is based in New Delhi, India.

The offer will constitute up to 24.90 per cent of the post-offer paid up equity share capital of the company.

Explaining the reasons behind the IPO, Lemon Tree Hotels said it aims to achieve the benefits of listing the equity shares on the stock exchanges.

Kotak Mahindra Capital Company, CLSA India, J P Morgan India and YES Securities will mange the company’s public issue. The equity shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

The company has 40 hotels with 4,300 rooms in 24 cities across the country.

Founded in 2002 by Patu Keswani, the company has hotels under four brands — Lemon Tree Premier, which is an upscale brand; Lemon Tree Resorts, a leisure segment brand; Lemon Tree Hotels, a midscale brand and the economy brand Red Fox Hotels.

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