Shares of Lemon Tree Hotels Friday 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 BSE. During the day, it zoomed 12.13 per cent to Rs 77.15.
On the 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 Thursday said it has formed a 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 Lemon Tree Founder Chairman and MD Patanjali Keswani, plans to develop a platform that would provide affordable and conveniently located co-living spaces for students and young professionals, the company said in a statement.
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