Mahindra Holidays & Resorts India Ltd has said that the IPP Issue Committee of the Board has, by a circular resolution on March 6, decided to offer and issue up to 41,41,084 equity shares of Rs 10 each to Qualified Institutional Buyers by way of an Institutional Placement Programme (IPP).

In a communication posted on the Web sites of the stock exchanges today, Mahindra Holidays said its board has approved the Red Herring Prospectus for the issue and the price band/floor price, issue opening and closing dates would be decided by the company in consultation with the book running lead managers and announced at least one day prior to the opening date.

M&M, the parent company of Mahindra Holidays, had announced on March 5 that it would sell through the Offer For Sale (OFS) route 34,00,000 shares representing 4.02 per cent of the equity share capital of the company through the BSE and NSE today. Yesterday, it had announced the floor price as Rs 270/share.

The stock is currently trading at Rs 276, down by 35 paise on the BSE.

Related Topics