Mahindra Holidays mull pre-IPO share sale
Hospitality company Mahindra Holidays & Resorts Ltd said on Friday it may consider a pre-IPO sale of 2.5 million shares by end-January.
The company, a subsidiary of automobile firm Mahindra & Mahindra Ltd, said it had filed initial papers with the stock market regulator for a 10.7 million share initial public offering (IPO) earlier in the day.
"The IPO should open end-January and the listing will open early February," Chairman Arun Nanda told Reuters over the telephone.
The company said it will reduce the IPO size proportionately if the pre-IPO sale of shares is completed.
The IPO will constitute 13 percent of the fully-diluted post paid up capital of the company and includes a fresh issue of 4.1 million shares and an offer for sale of 6.6 million shares by Mahindra Holdings & Finance Ltd.
The funds from the issue would be used to expand some existing resorts and set up new projects.
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