Mahindra Holiday & Resorts India Limited, one of the leading leisure hospitality providers in India offering quality family holiday san a part of Mahindra Group, has fixed the price of Rs 300 per equity share for its initial public offering (IPO) of 92.65 lakh equity shares of Rs 10 each for cash at a price to be decided through a 100% book building process.

The issue received bids for 9.08 crore shares as against issue size of 92.65 lakh shares.

The Bid/Issue opened on June 23, and closed on June 26,2009. The price band was fixed between Rs 275 and Rs 325 equity share.

The size of the issue stood at Rs 301.12 crore at the upper end of the price band and Rs 254.80 crore at the lower end of the band.

As per the initial data available on the NSE website, the issue got subscribed 9.8 times with QIB portion subscribed around 12.83 times; HNIs around 11.01 times and Retail around 3.3 times.

At the top end of the price band (i. e. Rs 325) the overall issue was subscribed approximately 7.13 times with the QIB bucket approximately 8.56 times, retail investors' portion approximately 3.36 times.

The issue had been assigned 4 out of 5 IPO grading by Fitch Rating India Private Limited reflecting 'above average fundamentals' of the issue relative to other listed equity securities.

The proceeds form MHRIL's proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destination to members.

The equity shares offered through the prospectus of the company are proposed to be listed on the NSE and BSE.

Kotak Mahindra Capital company was the Global Coordinator and Book Runnign lead managaer. While HSBC securities and Capital Markets (India) Private limited and SBI Capital Markets were the book running lead manager.