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| Mahindra Holidays gains 6% on Day 1 |
| Press Trust of India / Mumbai Jul 16, 2009, 16:39 IST |
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Mahindra Holidays & Resorts finally ended the day with a gain of 5.7% at Rs 317 on the BSE. The counter witnessed trades of nearly 8.5 million shares.
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Mahindra Holidays & Resorts, a Mahindra Group company, listed today at a premium of five per cent over its issue price of Rs 300 on the Bombay Stock Exchange.
The scrip opened at a premium of five per cent at Rs 315 on benchmark BSE and surged further to a high of Rs 339.70, up 13.23 per cent over its issue price.
A similar movement was witnessed on the National Stock Exchange where the scrip listed with a premium of 23 per cent at Rs 370.
During the trade the scrip witnessed a high of Rs 374.50, a premium of 25 per cent its issue price.
"We have raised around Rs 275 crore, of which Rs 100 crore will go to the Mahindra (Group) and Rs 175 crore will go to Mahindra Holidays. Rs 175 crore will be spent for project this year," MHRIL Managing Director Ramesh Ramanathan told reporters at the company's listing ceremony here.
On the volume front a good over 56.67 lakh shares changed hands on both the bourses.
Mahindra Holidays IPO, which broke the four month lull in the primary market, was over subscribed 9.8 times the number of shares on offer, thereby raising Rs 301.12 crore.
The company plans to utilise the issue proceeds to fund its business expansion plans. Mahindra Holidays has 27 resorts across India and Thailand.
The scrip was later quoting at Rs 330, up 10 per cent and with a gain of 9.68 per cent at Rs 329.05 on the NSE at 10:05 hrs.
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