Mumbai: American private equity major Warburg Pincus has completely exited its 13-year-old investment in Lemon Tree Hotels Ltd, data according to data from stock exchanges. Warburg sold its remaining 5.7% stake for 259.85 crore on Tuesday.

Earlier, on 29 August, the PE firm had sold a 6.7% stake for around 292.73 crore. Across the two trades, Warburg fetched a total of 552.58 crore for its 12.4% stake.

Warburg, which invested about 300 crore in Lemon Tree in 2006 for a 24% stake in the company, had previously sold a 12% stake through its IPO in early 2018. Warburg made 529 crore (around $81.2 million) from the share sale through the IPO.

Founded by Patanjali Govind Keswani in 2002, Lemon Tree operates under three brands that cater to different hotel segments — Lemon Tree Premier is targeted primarily at the upper-midscale hotel segment; Lemon Tree Hotels is targeted at the midscale hotel segment; and Red Fox by Lemon Tree Hotels is targeted at the economy hotel segment.

Warburg's exit from Lemon Tree follows it's recent exit from general insurance company ICICI Lombard General Insurance Co Ltd. On 11 September, Warburg sold its remaining 2.7% stake in the general insurer for Rs1,378 crore (about $194.5 million).

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