Leisure hospitality provider Mahindra Holidays & Resorts India Ltd, that owns Club Mahindra Holidays, has finalised a 1 per cent private placement deal with NYLIM Jacob Ballas India Fund III, LLC, for around $10.06 million. The equity shares to be transferred to the fund will be subject to lock-in after the IPO as per SEBI regulations.
Last week State Bank of India had finalised deal with Mahindra Holidays, a wholly-owned subsidiary of of Mahindra Holdings & Finance Ltd (the Company), to take a 2-per cent stake through private placement deal for around Rs800 crore. (See: State Bank in Rs800-crore pre-IPO private placement with Mahindra Holidays)
Mahindra Holidays has planned an IPO in the first quarter of the year and filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 10,719,347 equity shares of Rs10 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, which equity shares and an 'offer for sale' of up to 6,596,521 equity shares by Mahindra Holdings & Finance Ltd.
The Equity Shares are proposed to be listed on the National Stock Exchange of India Ltd and the Bombay Stock Exchange Ltd.
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