Mahindra Holidays IPO in Rs 275-325 band, opens June 23

Mahindra Holidays and Resorts India Ltd (MHRIL) is coming up with Initial Public Offer (IPO) to raise resources to fund its existing and expansion projects in the country.

"The bid fixed price band between Rs 275 to Rs 325 per equity share will open on June 23 and close on June 26," Arun Nanda, President of the company, told reporters here.

"It 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, the promoter company," he said.

He said that the proceeds from the proposed IPO would be deployed in the setting up of new projects and expansion of some of the existing resorts, which would provide a larger range of resorts and a wider choice of holiday destinations to its members.

Talking about the company, Nanda said that the company, which was started 11 years back, has over 96,000 members and it has 27 resorts across the country.

"The company has designed its products in such a way that it offers wide choices to the people for holiday and vacationing," Nanda added.