Mahindra Holidays and Resorts India (MHRI) has fixed the issue price of its shares between Rs 275 and Rs 325 a piece of Rs 10 each. “We believe that (MHRI) is always open to the investors who keep their money on the table and earn the sum out of that. The proceeds of the proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts,” Mahindra & Mahindra vice chairman and MD Anand Mahindra said here on Friday.

MHRI is diluting 92.65 lakh shares of the fully-diluted post-issue paid-up capital through its maiden public offering. The issue will open for subscription on June 23 and close on June 26. However, MHRI managing director Ramesh Ramanathan said, “The company, which has 27 resorts across India and Thailand, is planning to have a foreign presence in the countries like South Africa and China. We are looking to acquire properties within the country as well.”

In another development, 250-year-old British travel firm Cox & Kings is planning an IPO on the Bombay Stock Exchange in September, reflecting its desire to expand in the burgeoning Indian holiday market.

Chairman Anthony Good said the company will issue shares equivalent to about 25 per cent of the business, and expects to raise about $100 million, giving it a market valuation of about $400 million. The firm has had a presence in India since 1758, when it was founded by Richard Cox as a bank for army officers serving in the country.