'Mahindra Holidays and Resorts' lists high on NSE

Mumbai, July 16(ANI): Consequent to an overwhelming response from investors, Mahindra Holidays and Resorts India Limited on Thursday listed its equity shares on the National Stock Exchange (NSE) with an appreciative value to its shares.

The value of each share was 7 per cent above the issue price of Rs 300 and it had touched the mark of Rs 324.90 on the NSE.

The initial public offering, which had opened for subscription between June 23 and June 26, 2009, was subscribed nearly 10 times.

"Well, I think we feel that we have great things to offer to the investors. A package which was attractive and fair and we priced it in such a manner that we left something for the investor to gain by immediately, which you can see from the quotations this morning," said Keshub Mahindra, Chairman of Mahindra and Mahindra Limited.

The firm raised about Rs 2.75 billion through an issue of 9.27 million shares of which Mahindra Holidays' share is around Rs 1.75 rupees and the rest belongs to its parent company, Mahindra and Mahindra Limited.

The firm that brought an end of a 15-month drought in initial public offers was wholeheartedly welcomed to the NSE.

"On behalf of the National Stock Exchange, it is a privilege to host this listing ceremony. May I warmly congratulate the management team for the splendid job. It is always an honour for us and it's always special for us to list a new company and bring it into our fold," said Ravi Narayan, Managing Director of NSE.

Mahindra and Mahindra, which owns 83 percent of the vacation home operator, had offered 3.36 million shares to the public.

Mahindra Holidays will use the proceeds from the public issue to expand its existing projects and set up new ones.

The firm, which has 27 resorts across India and Thailand has plans to expand overseas when the market picks up and the company is optimistic on this note.(ANI)