Mahindra & Mahindra, the promoter of Mahindra Holidays & Resorts India, has announced its intention to sell an aggregate of 34 lakh shares of Rs 10 each of the latter through the separate window provided by the stock exchanges on March 7.The parent company’s announcement to offer 4.02 per cent stake in Mahindra Holidays through offer-for-sale (OFS) route would bring down its holding in the group company to 78.67 per cent.The floor price for Thursday’s OFS is fixed at Rs 270 a share, marginally less than Wednesday’s closing price of Rs 276.35. The decision is to meet the SEBI norm on public shareholding in listed companies of a minimum of 25 per cent which the companies should meet by June. However, the announcement by M&M has come as a surprise since it was only on January 21 the board of Mahindra Holidays had approved the issuance of equity shares through an institutional placement programme.

Source - http://www.thehindubusinessline.com