Mahindra Holidays & Resorts India Limited (MHRIL or the “Company”), a leisure hospitality provider offering quality family holidays and a subsidiary of Mahindra Holdings and Finance Ltd (a wholly-owned subsidiary of Mahindra & Mahindra Limited), has finalised a 1% private placement deal with NYLIM Jacob Ballas India Fund III, LLC, for a consideration of around US $ 10.06 million. The equity shares to be transferred to NYLIM Jacob Ballas India Fund III, LLC, shall be subject to lock-in after the IPO as per SEBI regulations.

MHRIL, which filed a draft red herring prospectus with Securities and Exchange Board of India (“SEBI”) last month, is targeting an IPO in the first quarter of the year. The Company had filed its Draft Red Herring Prospectus (“DRHP”) with the 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”). The Issue would constitute 13% of the fully diluted post-issue paid-up capital of the Company, which includes Pre IPO placement upto 3%. The Issue comprises a Fresh Issue of 4,122,826 equity shares and an Offer for Sale of upto 6,596,521 equity shares by Mahindra Holdings & Finance Limited (the “Selling Shareholder”).

The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”).

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 had 63,375 vacation ownership members. MHRIL’s flagship service offering is Club Mahindra Holidays, which currently 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.

Kotak Mahindra Capital Company Limited lead the pre IPO placement . The Global Coordinator and Book Running Lead Manager (“GCBRLM”) to the Issue is Kotak Mahindra Capital Company Limited and the BRLM is HSBC Securities and Capital Markets (India) Private Limited.

Sourced From: Adfactors Public Relations Pvt Ltd

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