Lemon Tree at 1-mo high on Goldman Sachs' stake buy

Shares of Lemon Tree Hotels surged 10% to touch a one-month high of 53.10 rupees today, as Goldman Sachs (Singapore) Pte's purchase of stake in the company further aided strong appetite for the stock.

Goldman Sachs bought 3 mln shares, representing 0.4% stake in Lemon Tree Hotels, from Zaaba Pan Asia Master Fund through a block deal on the BSE on Monday.

The deal was struck at Friday's closing price of 46.60 rupees. As of September end, public shareholder Zaaba Pan Asia held a 1.95% stake in the company.

Source : Eureka

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