Mahindra Holidays sets IPO price at 300

By SiliconIndia   |   Tuesday, 30 June 2009, 11:23 Hrs   |    3 Comments
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Mahindra Holidays sets IPO price at Rs. 300
Bangalore: Mahindra Holidays and Resorts India (MHRIL) has set the price of Rs 300 per equity share for its initial public offer (IPO), which was subscribed 9.8 times the number of shares on offer towards the end of the issue period.

The issue comprises a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by Mahindra and Mahindra. It would represent 11 percent of the post-issue paid-up capital of the firm.

The price band of the issue had been set between 275 and 325 per equity share of 92,65,275 shares. However, the issue received bids for 9,08,33,800 shares and the issue was subscribed about 7.13 times at the top end of the price band at 325.

According to the data available on National Stock Exchange's (NSE) website, the subscription of qualified institutional buyers' portion was about 12.83 times, high net worth investors about 11.01 times and the retail investors' portion around 3.36 times. Arun Nanda, the Chairman of MHRIL said, "I am delighted with the overwhelming response from the investors, which demonstrates acceptance of the product concept and faith in the Mahindra Group Management."

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