India’s Mahindra Holidays aims for 57 mln dlr IPO

MUMBAI, June 29, 2009 (AFP) - India's Mahindra Holidays and Resorts Monday said it hoped to raise almost 60 million dollars when it becomes the first firm to float on the country's capital markets in more than a year. The firm, a subsidiary of the Mahindra group, said it will sell 9.26 million shares through an initial public offering (IPO) at a cost of 300 rupees apiece, amounting to 2.
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78 billion rupees (57.66 million dollars).

Mahindra Holidays is India's first company to announce a capital raising through an IPO in nearly fifteen months after global markets collapsed due to the financial crisis last year.

India's benchmark 30-share Sensex fell 60 percent in the fifteen months to March this year before its started to climb again.

Mahindra had put the bidding range at 275 to 325 rupees.
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The firm plans to list at major stock exchanges in about 21 days.

The share sale represents 11 percent of the post-issue paid-up capital of the company, whose IPO closed for subscription last Friday.

The money raised from the issue will be used for new projects and the expansion of existing resorts, a company statement said.

Mahindra Holidays has 96,067 members and 27 resorts across India