Mahindra Holidays may delay initial public offer

May 15th, 2009 - 4:36 pm ICT by IANS  

New Delhi, May 15 (IANS) With the market in “the most unstable phase”, Mahindra Holidays and Resorts, a part of the Mahindra group, will enter the primary market only after the equities markets stabilise, said a senior official here Friday.
“There is no point of launching IPO (initial public offer) in such market conditions. We are not even looking at it right now,” company managing director Ramesh Ramanathan told reporters.

“This is not about the market touching a particular point, it is about the market being steady and stable. The market is still in the most unstable phase,” Ramanathan said while discussing the expansion plans for Mahindra Homestays, a newly launched boutique brand of home-cum-hotels.

The group applied for launching the initial issue with the Securities and Exchange Board of India (SEBI) last October.

“Once we get the approval, we will have 12 months to launch it. We may also delay it. I cannot commit anything now,” Ramanathan added.

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