RJ Corp, fast-moving consumer goods major promoted by Ravi Jaipuria, has sold more of its stake in Lemon Tree Hotels Ltd, which operates an eponymous mid-range hotel chain.
The latest transaction is the second that RJ Corp has made in two months.
As of August, its stake in Lemon Tree stood at 6.74%. In September, RJ Corp sold 10 million shares in the company and received Rs 57.51 crore, which reduced its stake by 1.26%.
Now, it has sold a 1.77% stake in the hotel chain operator to the Hong Kong-based investment firm Ward Ferry Management Ltd. In this latest transaction, the firm sold nearly 14.1 million shares and took home nearly Rs 84 crore (approximately $11.76 million at current exchange rates).
In all, it has taken home about Rs 141.51 crore. This is before accounting for transaction costs and statutory levies. Its stake after both transactions stands at around 3.7%, which is currently valued at around Rs 177.5 crore, at current stock prices.
Lemon Tree Shares closed at Rs 60.50 on the BSE on Thursday, up 3.68% from the previous close.