In our coverage universe, EIH Ltd is the best placed on the b/s front. The fund raising of | 350 crore thorough rights issue would improve debt/equity mix to 0.1x from 0.2x. While Indian Hotels has a strong promoter backing, its debt/equity is 0.7x, which combined with capex requirement could lead D/E to rise further to 0.9x if current Covid issue persists for a longer period. Lemon Tree Hotels, being on a capex mode is highly levered vs. peers....