Mahindra signs Rs 0.8 bn pre-IPO with SBI

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Mumbai, Jan 8 (UNI) Mahindra Holidays&Resorts India Limited (MHRIL), a subsidiary of Mahindra Holdings and Finance, has finalised a 2 per cent private placement deal with the State Bank of India for a consideration of around Rs. 0.8 billion.

The equity shares to be transferred to the State Bank of India shall be subject to lock-in after the IPO as per SEBI regulations.

MHRIL, which filed a draft red herring prospectus with Securities and Exchange Board of India (SEBI) last month, is targeting an IPO in the first quarter of the year. The Company had filed its Draft Red Herring Prospectus (DRHP) with the SEBI for an Initial Public Offering (IPO) of 10,719,347 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process (the Issue).

Chairman of Mahindra Holidays&Resorts Arun Nanda said, ''We are overwhelmed with the response to the intended pre-IPO placement and are pleased to have State Bank of India as an investor.

He added, ''The investment reaffirms our focus on customer centricity and continued effort in developing resorts and services tuned to delivering family holidays. It is also testimony to the evolution of the leisure and hospitality sector and confidence of consumers and investors in the Club Mahindra brand as a leading player in that space.'' UNI AR SR SKB2039

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