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Shinsei Bank, Kotak Realty Fund acquire 5.9% shareholding in Lemon Tree Hotels

Investments reach US$ 30 million

EH Staff - Mumbai

Lemon Tree Hotels has announced that Shinsei Bank and Kotak Realty Funds have jointly invested US$ 30 million in the company for an equity stake of 5.9 per cent, thereby valuing Lemon Tree Hotels at over US$ 500 million. The transaction is via a secondary sale by existing shareholders.

Patu Keswani, the hotel's CMD, said, "While Kotak Realty Fund is already an existing investor, we now welcome Shinsei Bank as a strategic partner and investor in the company."

Sanjay Sachdev, head of Shinsei Corporate Advisory Services, the Mumbai-based advisory arm of Shinsei Bank, said, "This is an investment in India's booming economy - no hotel company has matched Lemon Tree's track record in growth."