In terms of the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosures Requirements) Regulations 2015 (SEBI Listing Regulations) we would like to inform you that Lemon Tree Hotels Limited (Company) has entered enter into a Investment Agreement on December 27 2018 with Magnolia Grove Investment Ltd an affiliate of Warburg Pincus group (Magnolia) Mr. Patanjali Keswani (promoter of the Company) and Hamstede Living Private Limited (JV Company) and the disclosure of the same has been given to the Stock Exchange on December 27 2018.
In continuation to the aforesaid disclosure certain amendments have been made in the Agreement and accordingly the Company has executed the Restated Investment Agreement which inter alia includes change in the shareholding structure of Company. The details required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9 2015 are given in Annexure A to this letter.
We would like to further inform you that Mr. Rahul Pandit is proposed to be appointed as Managing Director and Chief Executive Officer of JV Company w.e.f March 13 2019. Over the last 25 years Rahul has worked across deluxe upscale midscale and budget lodging and had the privilege of co-founding and leading as President and ED Lemon Tree Hotels. He has also worked as MD & CEO of Tata Groups Ginger Hotels.
He has worked and trained across India USA and Singapore with Choice Hotels Taj Hotels Spectramind (WIPRO BPO) and Intercontinental Hotels. He also serves as Member National Tourism Committee - Confederation of Indian Industry (CII).
Please take the above information on record and kindly acknowledge.
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