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Warburg Pincus sells remaining 5.7% stake in India's Lemon Tree Hotels

Warburg Pincus LLC sold its 5.7% stake, or 45,183,898 shares, in India-based Lemon Tree Hotels Ltd. via its Maplewood Investment Ltd. entity, according to a disclosure on the BSE.

Mint reported on the sale Sept. 25, adding that the U.S. private equity group sold the remaining stake in the hospitality company for nearly 2.60 billion rupees.

Warburg Pincus had owned a roughly 24% interest in the company since 2006, before selling a 12% stake through Lemon Tree's IPO in early 2018 for 5.29 billion rupees, and a 6.7% stake for around 2.93 billion rupees in late August, the newspaper added.

As of Sept. 25, US$1 was equivalent to 71.05 Indian rupees.