Mahindra Holidays and Resorts India, a leisure hospitality provider offering quality family holidays and part of the Mahindra Group of Companies, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of 10,719,347 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue would constitute 13.0% of the fully diluted post-issue paid-up capital of the company.
The issue comprises a fresh issue of 4,122,826 equity shares and an offer for sale of 6,596,521 equity shares by Mahindra Holdings & Finance. The selling shareholder is considering a Pre-IPO sale of up to 2,473,695 equity shares to certain investors. The selling shareholder will complete the transfer and sale of such equity shares prior to the filing of the RHP with the registrar of companies (RoC). If the Pre-IPO Sale is completed, the offer for sale and consequently the issue size offered to the public would be reduced to the extent of such Pre-IPO sale, subject to a minimum issue size of 10% of the post Issue capital being offered to the public.
The objects of this issue include financing the expansion of some of its existing resorts and setting up of new projects. The company has plans to construct new resorts and projects at Pondicherry, Kumbalgarh (Rajasthan), Kadambakkam (Tamil Nadu), Binsar (Uttaranchal), Theog (Himachal Pradesh) and Tungi (Maharashtra).
The equity shares offered through this DRHP are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The company provides family holidays primarily through vacation ownership memberships. Its resorts offer the use of furnished accommodation, such as apartments and cottages, and an experience through resort specific amenities and facilities, such as restaurants, ayurvedic spas, kid's clubs and a variety of holiday activities. It seeks to be the preferred partner to the urban family for family holidays and holiday services in India.
Within a decade, the company has successfully become a provider of quality family holidays having a pan-India coverage with a total of 21 resorts and 14 branch offices, 43 direct and 80 franchisee retail sales outlets as of October 31, 2007. As of October 31, 2007, it has 63,375 vacation ownership members.
MHRIL’s flagship service offering is Club Mahindra Holidays, currently it entitles members the choice of holidaying at any of its 19 resorts, for seven days each year, in a season and apartment type of their choice, for 25 years. In addition, its members can choose to access a range of resorts globally through its RCI affiliation
The global coordinator and book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the BRLM is HSBC Securities and Capital Markets (India) Private Limited.
Source: Moneycontrol.com
Friday, December 14, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment