Mahindra Holidays & Resorts India to open QIP issue on April 9, 2013

The IPP Issue Committee of the Board of Directors of Mahindra Holidays & Resorts India Limited (the "Company") has by a resolution dated on April 06, 2013 fixed the price band at Rs. 255 (floor price) to Rs. 265 (cap price) per equity share for the proposed issue of up to 41,41,084 equity shares of Rs. 10/- each of the Company to qualified institutional buyers (the "Issue"). In line with SEBI's letter dated February 28, 2013 (the "SEBI Letter") and the terms of the Red Herring Prospectus, the floor price (of Rs. 255) has been determined in compliance with the pricing requirements (including discount) specified in Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI Regulations"). Further, in accordance with the conditions stipulated in the SEBI Letter, the number of allottees in the Issue may be less than 10, subject to compliance with the requirements of the provisions of Regulation 87(1) of the SEBI Regulations.

The Company's Institutional Placement Programme of equity shares would open for subscription on April 09, 2013 and close on April 09, 2013. The price band for this purpose has been fixed at Rs. 255 to Rs. 265. The Company have appointed Kotak Mahindra Capital Company Limited, ICICI Securities Limited and Religare Capital Markets Limited as the Book Running Lead Managers and Kotak Securities Limited as Syndicate Member to the Issue.

Shares of Mahindra Holidays & Resorts India Ltd was last trading in BSE at Rs.260.70, down by Rs.1.60 or 0.61%. The stock hit an intraday high of Rs.266.20 and low of Rs.255.55.

The total traded quantity was 1912 compared to 2 week average of 2847.

Source : Equity Bulls

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