| MAHINDRA HOLIDAYS
& RESORTS INDIA LIMITED
(Our Company was incorporated as a private limited called 'Mahindra
Holidays & Resorts India Private Limited' on September 20, 1996. The status of our
Company was changed to a public limited company by a special resolution of the members
passed at the annual general meeting held on January 29,1998. The fresh certificate
of incorporation consequent upon conversion was issued to our Company on April 17,1998. by
the Registrar of company Tamil Nadu at Chennai. Registered & Corporate Office:
Mahindra Towers, 2nd Floor, No, 17/18, Patullos Road,
Chennai - 600 002, Tamil Nadu.
Company Secretary and Compliance Officer: Mr. Rajiv Balakrishnan;
Tel: (91 44) 39881000, Fax: (91 44) 3027 7778,
Email: investors@clubmahindra.com,
Website: www.clubmahindra.com
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 92,65,275 EQUITY SHARES OF RS. 10 EACH OF MAHINDRA HOLIDAYS &
RESORTS INDIA LIMITED ('MAHINDRA HOLIDAYS' OR THE 'COMPANY' OR THE
'ISSUER') FOR CASH AT A PRICE OF RS.300 PER EQUITY SHARE (INCLUDING A SHARE
PREMIUM OF RS.290/- PER EQUiTY SHARE), CONSISTING OF A FRESH ISSUE OF 58,96,084 EQUITY
SHARES AND AN OFFER FOR SALE OF 33,69,191 EQUiTY SHARES BY MAHINDRA & MAHINDRA LIMITED
(THE 'SELLING SHAREHOLDER'), AGGREGATING RS.277.96 CRORE (THE
'ISSUE'). THE ISSUE CONSTITUTES 11.0 % OF THE FULLY DILUTED POST ISSUE PAID-UP
CAPITAL OF THE COMPANY
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS.
300/- AND IT IS 30 TIMES THE FACE VALUE.
In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957
{'SCRR'), this being an Issue for less than 25% of the post-Issue capital, the
Issue was made through the 100% Book Building Process wherein at least 60% of the Issue
was to be allocated on a proportionate basis to Qualified Institutional Buyers
('QIBs'), out of which 5% was available for allocation on a proportionate basis
to Mutual Funds only. The remainder was available for allocation on a proportionate basis
to QIBs and Mutual Funds, subject to valid bids being received from them at or above the
Issue Price, if at least 60% of the Issue cannot be allocated to QIBs, then the entire
application money was to be refunded forthwith. Further, not less than 10% of the Issue
was available for allocation on a proportionate basis to Non-lnsiitutional Bidders and not
less than 30% of the Issue was available for allocation on a proportionate basis to Retail
Individual Bidders, subject to valid bids being received at or above the Issue Price. The
Issue received 55,747 applications for 83,938,103 equity shares resulting in 9.06 times
subscription. The details of the applications received in the issue from Qualified
Institutional Buyers, Non-Institutional and Retail Individual Investors categories are as
under: (Before technical rejections)
|
Category |
No. of Applications |
No. of Equity shares |
No. of times subscription |
| A |
Retail Individual Bidders |
55,428 |
8,898,343 |
3.20 |
| B |
Non Institutional Bidders |
219 |
8,241,400 |
8.89 |
| C |
Qualified Institutional Bidders |
100 |
66,798,360 |
12.01 |
|
Total |
55,747 |
83,938,103 |
9.06 |
Final Demand
A sample of the final demand at different bid prices is as under:
Bid Price |
No. of Equity shares |
% to Total |
Cumulative Total |
Cumulative % to total |
Rs.275 |
10,973,780 |
12.09 |
90,790,020 |
100.00 |
| Rs.276 |
940 |
0.00 |
79.816,240 |
87.91 |
| Rs.277 |
4,020 |
0.00 |
79,815,300 |
87.91 |
| Rs.278 |
80 |
0.00 |
79,811,280 |
87.91 |
| Rs.279 |
220 |
0.00 |
79,811,200 |
87.91 |
| RS.280 |
9,11,140 |
1.00 |
79,810,980 |
87.91 |
| Rs.281 |
280 |
0.00 |
78,899,840 |
86.90 |
| Rs.282 |
2,320 |
0,00 |
78,899,560 |
86.90 |
| Rs.283 |
20 |
0.00 |
78,897,240 |
8690 |
| Rs.284 |
40 |
0.00 |
78,897,220 |
86.90 |
| Rs.285 |
83,460 |
0.09 |
78,897,180 |
86.90 |
| Rs.286 |
220 |
0.00 |
78,813,720 |
86.81 |
| Rs.287 |
380 |
0.00 |
78,813,500 |
86.81 |
| Rs.288 |
200 |
0.00 |
78,813,120 |
86,81 |
| Rs.289 |
100 |
0.00 |
78,812,920 |
86.81 |
| Rs.290 |
2,380 |
0.00 |
78,812,820 |
86.81 |
| Rs.291 |
20 |
0.00 |
78,810,440 |
86.81 |
| Rs.292 |
20 |
0.00 |
78,810,420 |
86.81 |
| Rs.293 |
0 |
6.00 |
78,810,400 |
86.81 |
| Rs.294 |
600 |
0.00 |
78,810,400 |
86.81 |
| Rs.295 |
1,260 |
0.00 |
78,809,800 |
86.80 |
| Rs.296 |
20 |
0.00 |
78,808,540 |
86.80 |
| Rs.297 |
0 |
0.00 |
78,808,520 |
86.80 |
| Rs.298 |
0 |
0.00 |
78,808,520 |
86.80 |
| Rs.299 |
40 |
0.00 |
78,808,520 |
86.80 |
| Rs..300 |
12,224,460 |
13.46 |
78,808,480 |
86.80 |
| Rs.301 |
460 |
0.00 |
66,584,020 |
73.34 |
| Rs.302 |
0 |
0.00 |
66,583,560 |
73.34 |
| Rs.303 |
60 |
0.00 |
66,583,560 |
73.34 |
| Rs.304 |
100 |
0.00 |
66,583,500 |
73.34 |
| Rs.305 |
456,280 |
0.50 |
66,583,400 |
73.34 |
| Rs.306 |
60 |
0.00 |
66,127,120 |
72.84 |
| Rs.307 |
160 |
0.00 |
66,127,060 |
72.84 |
| Rs.308 |
120 |
0.00 |
66,126,900 |
72.83 |
| Rs.309 |
120 |
0.00 |
66,126,780 |
72.83 |
| Rs.310 |
69,200 |
0.08 |
66,126,660 |
72.83 |
| Rs.311 |
640 |
0.00 |
66,057,460 |
72.76 |
| Rs.312 |
1,080 |
0.00 |
66,056,820 |
72.76 |
| Rs.313 |
0 |
0.00 |
66,055,740 |
72.76 |
| Rs.314 |
0 |
0.00 |
66,055,740 |
72.76 |
| Rs.315 |
560 |
0.00 |
66,055,740 |
72.76 |
| Rs.316 |
300 |
0.00 |
66,055,180 |
72.76 |
| RS.317 |
20 |
0.00 |
66,054,880 |
72.76 |
| Rs.318 |
20 |
0.00 |
66,054,860 |
72.76 |
| Rs.319 |
20 |
0.00 |
66,054,840 |
72.76 |
| Rs.320 |
1,140 |
0.00 |
66,054,820 |
72.76 |
| Rs.321 |
0 |
0.00 |
66,053,680 |
72.75 |
| Rs.322 |
20 |
0.00 |
66,053,680 |
72.75 |
| Rs.323 |
0 |
0.00 |
66,053,660 |
72.75 |
| Rs.324 |
420 |
0.00 |
66,053,660 |
72.75 |
| Rs.325 |
66,053,240 |
72.75 |
66,053,240 |
72.75 |
| Total |
90,790,020 |
100.00 |
|
|
A. Allocation to Retail Individual Investors including ASBA Applicants (After
Technical Refections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at
the Issue Price of Rs.300/- per Equity Share, was finalized in consultation with NSE. This
category has been over-subscribed to the extent of 3.15 times. The total number of
equity shares allotted in this category is 2,779,583 equity shares to 44,397 successful
applicants. The category-wise details of the Basis of Allocation are as under:
| Category |
No. of Applns. |
% to total |
Total No. of equity shares applied |
% to total |
No. of equity shares allocated |
Ratio |
Total No. of equity shares allocated |
| 20 |
11,181 |
20.70 |
2,23,620 |
2.55 |
20 |
7:22 |
71,160 |
| 40 |
5,512 |
10.20 |
2,20,480 |
2.52 |
20 |
7: 11 |
70,160 |
| 60 |
3,148 |
5.83 |
1,88,880 |
2.16 |
20 |
FIRM |
62,960 |
| 80 |
2,126 |
3.94 |
1,70,080 |
1.94 |
25 |
FIRM |
53,150 |
Additional |
1 |
9: 13 |
1,471 |
| 100 |
3,598 |
6.66 |
3,59,800 |
4.11 |
32 |
FIRM |
1,15,136 |
| 120 |
748 |
1.38 |
89,760 |
1.02 |
38 |
FIRM |
28,424 |
| 140 |
3,233 |
5.98 |
4,52,620 |
5.17 |
44 |
FIRM |
1,42,252 |
| 160 |
1,240 |
2.30 |
1,98,400 |
2.27 |
51 |
FIRM |
63,240 |
| 180 |
262 |
0.48 |
47,160 |
0.54 |
57 |
FIRM |
14,934 |
| 200 |
804 |
1.49 |
1,60,800 |
1.84 |
63 |
FIRM |
50,652 |
| 220 |
132 |
0.24 |
29,040 |
0.33 |
70 |
FIRM |
9,240 |
| 240 |
156 |
0.29 |
37,440 |
0.43 |
76 |
FIRM |
11,856 |
| 260 |
151 |
0.28 |
39,260 |
0.45 |
83 |
FIRM |
12,533 |
| 280 |
157 |
0,29 |
43,960 |
0.50 |
89 |
FIRM |
13,973 |
| 300 |
20,330 |
37.63 |
6,099,000 |
69.63 |
95 |
FIRM |
1,931,350 |
| 320 |
1,246 |
2.31 |
3,98,720 |
4.55 |
102 |
FIRM |
1,27,092 |
B. Allocation to Non Institutional Investors (After Technical
Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at
and above the Issue Price of Rs.300/- per Equity Share, was finalized in consultation with
NSE. This category has been over-subscribed to the extent of 7.87 times. The total number
of equity shares allotted in this category is 926,527 equity shares to 140 successful
applicants. The category-wise details of the Basis of Allocation (sample) are as under:
Category |
No. of Applns. |
% to total |
Total No. of equity shares applied |
% to total |
No. of equity shares allocated |
Ratio |
Total No. of equity shares allocated |
| 340 |
2 |
1.43 |
680 |
0.01 |
43 |
FIRM |
86 |
| 1,000 |
10 |
7.14 |
10,000 |
0.14 |
127 |
FIRM |
1,270 |
| 3,000 |
1 |
0.71 |
3,000 |
0.04 |
381 |
FIRM |
381 |
| 5,000 |
2 |
1.43 |
10,000 |
0.14 |
635 |
FIRM |
1,270 |
| 10,000 |
3 |
2.14 |
30,000 |
0.41 |
1,270 |
FIRM |
3,810 |
| 25,000 |
1 |
0.71 |
25,000 |
0.34 |
3,174 |
FIRM |
3,174 |
| 50,000 |
2 |
1.43 |
1,00,000 |
1.37 |
6,349 |
FIRM |
12,698 |
| 6,50,000 |
1 |
0.71 |
6,50,000 |
8.91 |
82,528 |
FIRM |
82,528 |
| 6,66,240 |
1 |
0.71 |
6,66,240 |
9.13 |
84,590 |
FIRM |
84,590 |
| 7,69,220 |
1 |
0.71 |
7,69,220 |
10.54 |
97,665 |
FIRM |
97,665 |
| 9,31,660 |
1 |
0.71 |
9,31,660 |
12.77 |
1,18,286 |
FIRM |
1,18,286 |
| 1,001,000 |
1 |
0.71 |
1,001,000 |
13.72 |
1,27,088 |
FIRM |
1,27,088 |
C. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE, As per
the SEBI (Disciosure and Investor Protection) Guidelines 2000, Mutual Funds were initially
allotted 5% of the quantum of equity shares available 277,958 equity shares and other QIBs
and unsatisfied demands of Mutual Funds were allotted the remaining available equity
shares 5,521,807 equity shares.
Category |
Fls/Banks |
Flls |
MFs |
ICs |
VCs |
Total |
No. of equity shares |
5,22,624 |
1,312,367 |
2,125,405 |
1,596,041 |
2,728 |
5,559,165 |
The IPO committee of the company at its Meeting held at Chennai on 8th July, 2009 has
approved the basis of allocation of equity shares of the issue and has allotted the equity
shares to various successful applicants.
Despatch of the CAN-cum-Refund Orders, allotment advice, intimation regarding refunds
through electronic mode (ECS, RTGS, NEFT or Direct Credit) and notices (where applicable)
have been dispatched to the address of the investors as registered with the depositories
has been completed on 10th July, 2009. Instructions to ASBA banks to transfer funds
related to equity shares allotted, if any, and unblock the remaining amount have been
given on 9th July, 2009. In case the same is not received within ten days, investors may
contact at the address given below. The Refund Orders have been over-printed with the Bank
Mandate details as registered, if any, with the depositories. The equity shares allocated
io successful applicants are being credited to their beneficiary accounts subject to
validation of the account details with the depositories concerned. The company is taking
steps to get the equity shares admitted tor trading on the National Stock Exchange of
India Limited and Bombay Stock Exchange Limited within seven working days from the date of
approval of the basis of allocation i.e.on or before 16th July, 2009
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the
Issue, Karvy Computershare Private Limited at http://karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrars to the
Issue quoting full name of the First/ Sole applicant, Serial number of the
Bid-Cum-Application Form, number of equity shares bid for, name of the Member of the
Syndicate and place where the bid was submitted and payment details at the address given
below:
Karvy Computershare Private Limited
Unit: MHRIL, Plot No. 17 to 24, Vitharao Nagar, Hitech City Road, Madhapur. Hyderabad
-500081,
Fax: 040-23420814 Email: einward.ris@Karvy.com
TOLL FREE - HELPLINE NUMBER: 1-800-3454001
Place: Chennai
Date: 13th July, 2009 |
For Mahindra Holidays & Resorts India Limited
Sd/-
Rajiv Balakrishnan
Company Secretary |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET
PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF MAHINDRA HOLIDAYS &
RESORTS INDIA LIMITED
Note: All capitalized terms used and not defined herein shall have the
respective meanings assigned to them in the Prospectus. |
RHP
