Mahindra Holidays and Resorts lists at Rs 321 per share

MUMBAI: Shares of Mahindra Holidays and Resorts India listed at Rs 321, upside of 7 per cent or Rs 21 Thursday. The company had fixed issue price at Rs 300 per share. (Watch)

At 9:56 am, the stock was at Rs 323, up Rs 23 or 7.67 per cent. The scrip touched an intra-day high of Rs 374.50 and low of 315 in early trade.

Through the issue Mahindra Holidays intends to finance the expansion of its resorts in Coorg, Binsar and Ashtamudi and setting up of new ones in Tungi (near Lonavla) and Theog.

Mahindra Holidays and Resorts is a Mahindra Group company with majority shareholding (93.6% pre-issue) held by M&M. The company has a total of 19 branches and 61 retail outlets across India, of which 45 are owned and 16 are franchises.