Mahindra Holidays & Resorts (MHRIL), a leisure hospitality provider and a subsidiary of Mahindra Holdings and Finance (a wholly-owned subsidiary of Mahindra & Mahindra), has finalised a 1% private placement deal with NYLIM Jacob Ballas India Fund III, LLC, for a consideration of around $10.06 million.The placement gives the company a valuation of $1.006 billion (nearly Rs 4,000 crore).According to an official release issued by MHRIL today, the equity shares to be transferred to NYLIM Jacob Ballas India Fund III, LLC, shall be subject to lock-in after the initial public offering (IPO) as per Securities and Exchange Board of India (Sebi) regulations.The IPO, which is likely to open in the first quarter of the year, is for 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 will constitute 13% of the fully diluted post-issue paid-up capital of the company which includes pre-IPO placement up to 3%. The issue comprises a fresh issue of 4,122,826 equity shares and an offer for sale of up to 6,596,521 equity shares by Mahindra Holdings & Finance.
