Mahindra Holidays & Resorts, part of Mahindra Group filed the draft red herring prospectus with SEBI. The company plans to sell 92,65,275 equity shares of Rs10 each for cash at a price to be decided through a book building process. The company earlier sold around 3% stakes as pre IPO placement at Rs478 a share to the State Bank of India (2%) and NYLIM Jacob Ballas India Fund III (1%).
The issue would consist of 11% of the fully diluted post issue paid up capital of the company. The shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange. This is the second time that the company has filed a DRHP after it aborted a similar attempt last year due to unfavorable market conditions.
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