Mahindra Holidays to sell 4.14 million shares

Mahindra Holidays & Resorts India Ltd said on Thursday it would sell about 4.14 million shares to institutional investors. The announcement came on the day its parent, Mahindra & Mahindra (M&M), sold 3.4 million shares in the hotel chain operator through an offer for sale, with investors placing bids for 2.6 times the issue, at an average price of Rs 272.77 a share. Mahindra Holidays' shares declined 0.3 per cent to Rs 275.60 on Thursday. The share sale, which fetched M&M Rs 93.70 crore, has reduced its holding in the company by around four per cent, to 78.67 per cent. The sale will further cut the parent's stake in Mahindra Holidays, helping it comply with the 25 per cent minimum public shareholding limit.