Lemon Tree Hotels Limited ("Company") had entered enter into a Investment Agreement on December 27, 2018 with Magnolia Grove Investment Ltd, an affiliate of Warburg Pincus group ("Magnolia"), Mr, Patanjali Keswani (promoter of the Company) and Hamstede Living Private Limited ("JV Company").
Mr. Rahul Pandit is proposed to be appointed as Managing Director and Chief Executive Officer of JV Company w.e.f March 13, 2019. Over the last 25 years, Rahul has worked across deluxe, upscale, midscale and budget lodging and had the privilege of co-founding and leading as President and ED, Lemon Tree Hotels. He has also worked as MD & CEO of Tata Group's Ginger Hotels.
He has worked and trained across India, USA and Singapore with Choice Hotels, Taj Hotels, Spectramind (WIPRO BPO) and Intercontinental Hotels. He also serves as Member, National Tourism Committee - Confederation of Indian Industry (CII).
Shares of Lemon Tree Hotels Ltd was last trading in BSE at Rs.83.15 as compared to the previous close of Rs. 88. The total number of shares traded during the day was 100029 in over 1357 trades.
The stock hit an intraday high of Rs. 88 and intraday low of 82.8. The net turnover during the day was Rs. 8482741.