By IANS,
Mumbai : Leisure hospitality provider Mahindra Holidays and Resorts, part of the Mahindra Group, Thursday said its initial public offering (IPO) will hit the capital market June 23.
The company plans to offer 9.27 million shares of Rs.10 each through a 100 percent book building route. The offer will close June 26, it said in a regulatory statement.
The issue would constitute 11 percent of the fully diluted post-issue paid-up capital of Mahindra Holidays.
The proceeds from the proposed IPO will be used to set up new projects and expand the existing resorts, the company said.
“Our business has been supported by changing demographics, strong economic growth and increasing disposable incomes in India over the last three years,” Arun Kumar Nanda, chairman of Mahindra Holidays, said in the statement.
“We believe our brands, inventory, distribution of resorts and integrated model will give us significant competitive advantage,” he added.
Mahindra Holidays’ flagship brand is Club Mahindra Holidays, which has 27 resorts in India and Thailand and has 96,067 members.