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Saturday, March 04, 2006

Mahindra to list Tech Mahindra, Mahindra Holidays

After the huge response to the initial public offer, IPO, of Mahindra and Mahindra Financial Services, group Chief Anand Mahindra said he was looking to take two other group companies, Tech Mahindra and Mahindra Holidays, on the public route, report agencies.

"We will be coming out with IPOs of the two companies," Mahindra said on the sidelines of the Indio-US CEO Forum meeting, organised by CII.

However, he declined to divulge the exact timing of the IPOs. "We are studying that and I cannot reveal it now," he said.

The IPO of M&M Financial, through the book-build route, has been priced at the upper price band of Rs 200. The issue, which will see M&M earn close to Rs 200 crore (Rs 2 billion) by diluting its equity holding from 89.8% to 67%, was oversubscribed nearly 27 times.

Tech Mahindra, earlier called Mahindra-British Telecom, is a large telecom software and services company. It is a 57:43 per cent joint venture between Mahindra & Mahindra and British Telecom. On the other hand, Club Mahindra Holidays is a leading lifetime holiday company.

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