Mahindra Holidays ends 6% higher on debut

MUMBAI: Shares of Mahindra Holidays and Resorts ended at Rs 317.45, up 5.82 per cent or Rs 17.45 on listing day.

The scrip touched an intra-day high of 374.50 and low of 311.35 on volume of 12746398 shares on the NSE.

Mahindra Holidays had listed at Rs 321, upside of 7 per cent.

The company will use IPO proceeds 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.