Mahindra firm in volatile market; MHRIL IPO to open on June 23

The stock did not see much movement and finally ended 1% lower at Rs 741. Around 60,139 shares were traded at the counter today.
____________________________________________________
(Updated at 1124 hrs)

Mahindra & Mahindra is firm in an otherwise volatile market while the company has announced the schedule for Mahindra Holidays & Resorts India Ltd (MHRIL) IPO.

The stock so far has moved in a range of Rs 760 to Rs 734, and is now up at Rs 755, up 0.8%. Around 15,230 shares have so far changed hands at the counter on the BSE.

Accroding to a release issued by Mahindra & Mahindra to the BSE today, MHRIL is entering the capital market with an Initial Public Offering (IPO) of 92,65,275 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue opens on June 23, 2009 and closes on June 26, 2009. 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 & Mahindra. The issue would constitute 11% of the fully diluted post-issue paid-up capital of MHRIL.