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Lemon Tree Hotels: Sale Or Disposal Of Subsidiary

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Pursuant to the execution of Joint Venture Agreement (JVA) RJ Corp Limited shall acquire 49% stake by subscribing to fresh issuance of equity shares of Arum Hotels Private Limited (Arum). As contemplated under the JVA Carnation Hotels Private Limited shall hold 51% of the equity shares in Arum. Upon completion of the aforesaid transactions Arum shall cease to be a step-down wholly owned subsidiary of the Company and shall continue as a step-down subsidiary of the Company.

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