This Article is From Mar 07, 2013

Mahindra and Mahindra fixes Rs 270 as floor price of Mahindra Holidays stock

New Delhi:

Diversified group Mahindra & Mahindra (M&M), promoter of Mahindra Holidays & Resorts India (MHRIL), on Wednesday said it has fixed 'floor price' at Rs 270 per share for the sale of its 4.02 stake in the company.

M&M proposes to sell 34 lakh equity shares of Rs 10 each representing 4.02 per cent of the equity share capital in the company, M&M said in a filing to the Bombay Stock Exchange (BSE).

The shares would be sold through offer for sale (OFS) route on tomorrow. At the floor price, the company is expected to fetch around Rs 92 crore.

The company would offload its shares in order to comply with capital market regulator Sebi's (Securities and Exchange Board of India) guidelines on minimum public shareholding.

"The sale is being carried out in accordance with the Sebi's OFS guidelines and subject to the circulars, rules and regulations of the stock exchanges," it added.

Brokers for the stake sale are Kotak Securities, ICICI Securities and Religare Capital Markets.

M&M scrip closed at Rs 878.35 on the Bombay Stock Exchange (BSE), down 2.16 per cent from its previous close.