The subsidiary of Mahindra and Mahindra plans to come up with the IPP in a month's time. The IPP is part of on an exercise through which parent Mahindra and Mahindra is trying is being done to reduce parent Mahindra & Mahindra's stake in the company to conform with SEBI's minimum public shareholding rule of 25 percent.
"What we had decided was that we needed to offload close to little over 8.7 percent stock. So we offloaded 4 percent in OFS and the IPP document has been filed with the registrar yesterday and it is being filed with SEBI today. We should open the IPP once we get the approvals," Arun Nanda, Chairman, Mahindra Holidays told CNBC-TV18 in an interview today.
On Thursday, Mahindra Holidays came up with an offer for sale to bring down M&M or promoter company's stake from 82.96 percent as of December 2012. M&M sold 34,00,000 shares of Mahindra Holidays, representing 4.02 percent stake.
"We had a book 2.7 times the offer. We were very lucky that we got the price equivalent to the market whereas most OFS have been done at a 5 percent discount to the market. We got at market," Nanda said. The offer for sale had healthy response from retail and high networth individual investors. Nanda claimed that 30 percent of the issue has been subscribed by individual participants. The funds raised from offer for sale has gone to the parent company, Mahindra and Mahindra.
For institutional placement programme, Mahindra Holidays has decided to offer and issue more than 41 lakhs shares of Rs 10 each to Qualified Institutional Buyers (QIB), Nanda added.
In last 12 months Mahindra Holidays has added eight new resorts in its kitty. It will use funds raised from institutional placement for buying and building new resorts. Nanda claimed that the company is currently catering to 97-98 percent of member demand.
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