The Board of Directors of Lemon Tree Hotels Limited (the "Company") at its meeting held on 29th May, 2020 has, given in-principle approval to raise funds upto Rs. 150 Crore, either through Right Issue, Preferential Allotment or Qualified Institutional Placement. The management will evaluate the proposal to raise funds and present the same before the Board of Directors to consider and approve the timings, quantum and mode of raising the funds.
The board considered approval for the issuance of Compulsorily Convertible Preference Shares by Fleur Hotels Private Limited ("FHPL") which is a material subsidiary of the Company, to APG Strategic Real Estate Pool N.V ("APG"), which is an existing shareholder of FHPL for an amount upto Rs. 300 Crore in multiple tranches, subject to execution of necessary documentation.
CCPS to be issued for an amount not exceeding Rs. 300 crore in multiple tranches to APG Strategic Real Estate Pool N.V.(an existing shareholder of Fleur Hotels Private Limited) as under:
- CCPS for an amount not exceeding Rs 175 Crore shall be issued, in first tranche, at an issue price of Rs. 325.50 per share; and
- CCPS not exceeding Rs. 125 Crore in one or more tranches shall be issued at a price to be determined at the time of issuance.
Shares of Lemon Tree Hotels Ltd was last trading in BSE at Rs.17.95 as compared to the previous close of Rs. 18.3. The total number of shares traded during the day was 1114979 in over 1343 trades.
The stock hit an intraday high of Rs. 19.2 and intraday low of 17.7. The net turnover during the day was Rs. 21137455.