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Lemon Tree Hotels gains on inking non-binding term sheet to acquire Keys Hotels

Lemon Tree Hotels gains on inking non-binding term sheet to acquire Keys Hotels

Lemon Tree Hotels is currently trading at Rs. 83.50, up by 0.15 points or 0.18% from its previous closing of Rs. 83.35 on the BSE.

The scrip opened at Rs. 84.45 and has touched a high and low of Rs. 85.40 and Rs. 83.20 respectively. So far 29869 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 91.00 on 23-Apr-2018 and a 52 week low of Rs. 57.30 on 09-Apr-2018.

Last one week high and low of the scrip stood at Rs. 89.15 and Rs. 78.05 respectively. The current market cap of the company is Rs. 6646.95 crore.

The promoters holding in the company stood at 30.89%, while Institutions and Non-Institutions held 22.16% and 46.96% respectively.

Lemon Tree Hotels has signed a non-binding term sheet with Berggruen Hotels, a company owning and operating hotels under various brands i.e Keys Prima, Keys Select and Keys Lite in India, hereinafter referred to as Keys Hotels and Berggruen Investments a company incorporated in Mauritius (Holding Company of Keys Hotels) for acquisition of 100% of the shareholding of Keys Hotels by company directly or through its subsidiaries. Final consummation of the transaction shall be subject to the due diligence and obtaining requisite approvals.

Lemon Tree Hotels is India’s largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017.

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