"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," the company said in the DRHP.
The offering which comprises up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp.
The offer will constitute up to 24.9 per cent of the post-offer paid up equity share capital of the company. The public issue is aimed at achieving the benefits of listing the equity shares on stock exchanges, Lemon Tree Hotels said in its prospectus.
Lemon Tree hotels are located across India, in metro regions, including the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore and Aurangabad.
The group operates three brands to meet hotel needs across all levels. Its upper midscale segment runs under the "Lemon Tree Premier" line of hotels, its midscale segment of hotels are branded "Lemon Tree Hotels" and the economy segment is run under the brand name "Red Fox by Lemon Tree."
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