Mahindra Holidays IIP price band fixed at Rs 255-265

Mahindra Holidays & Resorts India (MHRIL) today said institutional placement programme (IPP) issue committee of its board has fixed the price band at Rs 255 to Rs 265 per share for the proposed issue of over 41 lakh shares to qualified institutional buyers.

The issue opens and closes on April 9, it added.

IPP issue committee of the Board of Directors of the company has fixed the price band at Rs 255 (floor price) to Rs 265 (cap price) per equity share for the proposed issue of up to 41,41,084 equity shares of Rs 10 each to qualified institutional buyers, MHRIL said in a filing to BSE.

In line with SEBI's letter dated February 28, 2013 and the terms of the Red Herring Prospectus, the floor price (of Rs 255) has been determined in compliance with the pricing requirements (including discount) specified in Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, it added.

"Further, in accordance with the conditions stipulated in the SEBI Letter, the number of allottees in the Issue may be less than 10, subject to compliance with the requirements of the provisions of Regulation 87(1) of the SEBI Regulations," MHRIL said.

Shares of MHRIL were today trading at Rs 259.50 per scrip in the afternoon trade on BSE, down 1.07 per cent from its previous close.