| <p>Lemon Tree Hotels Limited announced that a joint venture agreement has been executed between its wholly-owned subsidiary, Carnation Hotels Private Limited, and RJ Corp Limited with respect to Arum Hotels Private Limited, a step-down subsidiary. Under the agreement, RJ Corp will acquire a 49% stake in Arum by subscribing to 47,65,394 equity shares with a face value of Rs 10 each, while Carnation will hold the remaining 51%. Following the transaction, Arum will cease to be a wholly-owned step-down subsidiary of Lemon Tree Hotels.</p> |