Lemon Tree Hotels Raises Rs 311 Crore From Anchor Investors
Lemon Tree Hotels Ltd. has raised Rs 311 crore by selling shares to 16 anchor investors, ahead of the company's initial public offering which opens on Monday.
Foreign investors in the anchor book include Aberdeen, VantageTrust Funds, Zaaba and New York State Common Retirement Fund while SBI Mutual Fund, Mirae, HDFC Mutual Fund and BNP Paribas Mutual Fund were some of the domestic investors, the company said in a statement.
The mid-priced hotel is planning to raise more than Rs 1,040 crore through an offer for sale of 18.54 crore shares at a price band of Rs 54 to Rs 56 per share. The offer constitutes up to 23.59 percent of the post-offer paid-up equity share capital of the company.
Kotak Mahindra Capital Company Ltd., CLSA India Private Ltd. and JPMorgan India Private Ltd. are the global coordinators and book running lead managers and Yes Securities India Ltd. is the book running lead manager to the offer.