The institutional placement programme of Mahindra Holidays & Resorts has been subscribed fully. As against offer for 41.41 lakh shares, it received bids for 62.25 lakh shares on Tuesday.
The company fixed the price band at Rs 255-265. The stock closed firm at Rs 262.60 on the BSE.
The allocation of shares will happen on proportionate basis. The move will help the promoters to cut their stake to 75 per cent to meet minimum public shareholding norm. Currently, promoters' stake stands at 82.69 per cent.
In a similar exercise, the promoters had pared their stake in March.