New Delhi, Jan. 10 -- Lemon Tree Hotels announced on Saturday, 10 January, that its board has approved Warburg Pincus's acquisition of a 41.09% stake of APG Strategic Real Estate Pool NV in its subsidiary Fleur Hotels, along with an investment of Rs.960 crore in stages.

"The Board has also approved the execution of the Share Purchase Agreement by and amongst the Company, APG Strategic Real Estate Pool NV , Coastal Cedar Investments BV, an affiliate of Warburg Pincus, and Fleur Hotels Limited, for the sale of APG's entire shareholding of 41.09% in the Fleur to the Investor," the filing read.

The board approved an agreement for Warburg Pincus to make a primary investment of up to Rs.960 crore in stages, to fund the company's future growth...