Lemon Tree Hotels has received SEBI’s approval to float an initial public offering (IPO). The company had filed the draft red herring prospectus (DRHP) with Sebi in September and obtained ts observations on December 22.

As per the draft papers, Lemon Tree Hotel’s public offer comprises sale of up to 19,57,97,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp. The offer will comprise of up to 24.90% of the post offer paid up equity share capital of the company.

The company in the DRHP stated, “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.”

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