Mahindra Holidays stock gets listed

Mahindra Holidays and Resorts India Limited's stock got listed on Thursday on the National Stock Exchange and its price opened 5 per cent higher at Rs 315 over the issue price of Rs 300.

The Mahindra group company has raised Rs 275 crore (Rs 2.75 billion) through its Initial Public Offering (IPO) last month.

"We have raised around Rs 275 crore of which Rs 100 crore (Rs 1 billion) will go to Mahindra (group) and the remaining Rs 175 crore (Rs 1.75 billion) to Mahindra Holidays. This Rs 175 crore will be used for our projects and expansion," MHRIL's managing director, Ramesh Ramanathan, told reporters at the listing ceremony of the company.

The company came out with its IPO on June 23 offering 9.26 millin equity shares. The issue closed on June 26 and was fully subscribed.

MHRIL would be investing Rs 175 crore this year for building two greenfield projects apart from taking up capacity expansion of two existing projects, Ramanathan said.