Maple Investment sells 6.27% stake in Lemon Tree Hotels for Rs 273 crore

Representative image

Maple Investment on August 29 offloaded nearly 5 crore shares, or 6.27 per cent stake, of Lemon Tree Hotels Ltd worth over Rs 273 crore through open market transaction.

According to data available with NSE, Maple Investment Ltd sold over 4.97 crore shares at Rs 55 per piece for Rs 273.48 crore.

In separate transactions, Franklin Templeton Mutual Fund and Van Eck Emerging Market Fund bought total shares worth Rs 156.24 crore.

Franklin Templeton purchased 1.57 crore shares for Rs 86.39 crore, while Van Eck acquired 1.27 crore shares worth Rs 69.85 crore.

Both the entities bought Lemon Tree’s shares for Rs 55 per scrip. As per the shareholding pattern data available on the NSE, Maple Investment held 12.42 per cent stake or 9.84 crore shares in Lemon Tree Hotels at the end of June 2019 quarter. Shares of Lemon Tree Hotels closed at Rs 53 per scrip, down 7.34 per cent on the NSE.