Diversified group Mahindra & Mahindra, promoter of Mahindra Holidays & Resorts India (MHRIL), has fixed 'floor price' at Rs 270 per share for the sale of its 4.02 percent stake in the company.
M&M proposes to sell 34 lakh equity shares of Rs 10 each representing 4.02 percent of the equity share capital in the company, M&M said in a notice to stock exchanges.
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 sale would take place on the separate window of the stock exchanges. It would commence at 9.15 am and close on the same day at 3.30 pm.
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.
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