Diversified group Mahindra & Mahindra will sell over 4 per cent stake, translating into 34 lakh shares, in Mahindra Holidays & Resorts through auction route on March 7.
M&M is the promoter of Mahindra Holidays & Resorts India. In a regulatory filing today, M&M said that 34 lakh shares would be offloaded through the Offer for Sale (OFS) route on March 7.
These shares, each having a face value of Rs 10, amount to 4.02 per cent stake in Mahindra Holidays.
Floor price for the stake sale would be announced on March 6 after market closes, but before 6 pm.
"The sale shall take place on the separate window of the Stock Exchanges and shall commence on March 7, 2013 at 9.15 am and shall close on the same day at 3.30 pm," the filing said.
Brokers for the stake sale are Kotak Securities, ICICI Securities and Religare Capital Markets. Mahindra Holidays scrip rose nearly 1 per cent to close at Rs 277.85, while that of M&M climbed 1.39 per cent to Rs 897.70 on the BSE.