SBI, Kotak, HSBC to underwrite Mahindra Holidays IPO
MHRIL has roped in Kotak Mahindra Capital, HSBC Securities and Capital Markets and SBI Capital to underwrite its primary market issue.
By ET Bureau |
MUMBAI: Mahindra Holidays & Resorts India (MHRIL), a leisure hospitality provider and part of the Mahindra Group, has roped in Kotak Mahindra Capital, HSBC Securities and Capital Markets and SBI Capital to underwrite its primary market issue. The timeshare major plans to raise Rs 450 crore, according to sources.
The company recently finalised a 2% private placement of equity stake to SBI at a price of Rs 510 a share and sold 1% to NYLIM Jacob Ballas India Fund at Rs 515 for a consideration of $10.06 million.
A total of 92,65,275 equity shares of Rs 10 each will be offered and the price will be decided through a 100% book-building process. The issue will constitute 11% of the company���s fully diluted post-issue paid-up capital.
A compounded 4-year growth rate of 52% and a bottomline of 106% have prompted the company to tap the primary market despite the prevailing choppiness, company officials said. Incidentally, the company had filed for a draft red herring prospectus (DRHP) last year, but did not go ahead due to the unfavourable market conditions.
MHRIL has earmarked an investment of Rs 350-400 crore for doubling its room inventory from 7,500 to 15,000 by the end of this year through acquisitions, construction of new properties and expansion of existing properties.
The company recently finalised a 2% private placement of equity stake to SBI at a price of Rs 510 a share and sold 1% to NYLIM Jacob Ballas India Fund at Rs 515 for a consideration of $10.06 million.
A total of 92,65,275 equity shares of Rs 10 each will be offered and the price will be decided through a 100% book-building process. The issue will constitute 11% of the company���s fully diluted post-issue paid-up capital.
A compounded 4-year growth rate of 52% and a bottomline of 106% have prompted the company to tap the primary market despite the prevailing choppiness, company officials said. Incidentally, the company had filed for a draft red herring prospectus (DRHP) last year, but did not go ahead due to the unfavourable market conditions.
MHRIL has earmarked an investment of Rs 350-400 crore for doubling its room inventory from 7,500 to 15,000 by the end of this year through acquisitions, construction of new properties and expansion of existing properties.
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