Mahindra Holidays sells 1 pc stake for $10.6 million

New Delhi, Jan 16: Mahindra&Mahindra today said its arm Mahindra Holidays&Resorts India Ltd (MHRIL) has finalised a one per cent private placement deal with NYLIM Jacob Ballas India Fund III, LLC, for about 10.06 million dollars.

MHRIL, a leisure hospitality provider, said in a statement that the equity shares to be transferred to NYLIM Jacob Ballas India Fund III, LLC, will be subject to lock-in after the IPO as per SEBI regulations. MHRIL which filed a draft red herring prospectus (DRDP) 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 DRHP with the SEBI for an IPO of 10,719,347 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book building process.

The issue would constitute 13 per cent of the fully diluted post-issue paid-up capital of the company.

UNI