â??They need to juice up their returns,â? Krishna said of [...] Kotakâ??s first fund joined private equity group Warburg Pincus by taking a $10-million stake Lemontree Hotels, a new firm that is building business hotels across India. Initial public offerings have become a drawn out process as regulators pick through applications in response to criticisms that firms are overvaluing their land. This unit of Indiaâ??s Kotak Mahindra Bank hopes to attract pension funds and other institutional investors, mostly from Europe, with an internal rate of return target of around 25%.
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