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Shares of Lemon Tree Hotels surged nearly 10 per cent after the hospitality firm formed a JV with an arm of private equity firm Warburg Pincus to develop rental housing projects.
The stock soared 8.50 per cent to end at Rs 74.65 on the Bombay Stock Exchange (BSE). During the day, it zoomed 12.13 per cent to Rs 77.15.
On the National Stock Exchange (NSE), shares of the company jumped 9.71 per cent to close at Rs 75.10.
In terms of the equity volume, 2.81 lakh shares of the company were traded on the BSE and over 37 lakh units changed hands on the NSE during the day.
Lemon Tree Hotels said it has formed a joint venture (JV) with an arm of global private equity firm Warburg Pincus to develop rental housing projects envisaging investments of Rs 3,000 crore over a period of time.
The JV, in which an affiliate of Warburg Pincus arm and Lemon Tree Hotels will hold 68 per cent and 30 per cent stake respectively, with the balance 2 per cent to be held by Patanjali Keswani, Lemon Tree Founder Chairman and Managing Director (MD) , plans to develop a platform that would provide affordable and conveniently located co-living spaces for students and young professionals, the company said.
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