CHENNAI: Mahindra Holidays and Resorts India (MHRIL) is setting up new projects and expanding some of its existing resorts to provide a larger range of resorts, as part of its current business plan.
To part finance the cost, the company entered the capital market with an initial public offering of 92.65 lakh equity shares of Rs. 10 each for cash at a price to be decided through a 100 per cent book-building process.
The issue, comprises a fresh issue of 58.96 lakh equity shares and an offer for sale of 33.69 lakh equity shares by Mahindra and Mahindra, would constitute 11 of the fully diluted post-issue paid-up capital.
The issue, which opened on June 23, will close on June 26. The price band has been fixed at Rs. 275-325 a share.
Addressing presspersons here on Tuesday, Ramesh Ramanathan, Managing Director, said the company was planning to expand inventory of apartments and enhance facilities at its Coorg and Ashtamudi (Kerala) resorts and develop new resorts and projects at Puducherry, Kumbalgarh (Rajasthan), Kadam- bakkam (Tamil Nadu), Binsar (Uttarakhand), Theog (Himachal Pradesh) and Tungi (Maharashtra).
Apart from flagship brand Club Mahindra Holidays, the company was offering Zest and Club Mahindra Fundays, Club Mahindra Travel and Mahindra Homestays. It has 27 resorts and 1,261 apartments and cottages.
Source: http://www.hindu.com/
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