Mahindra Holidays may delay initial public offer

September 15th, 2009 KOLKATA - UCO Bank has signed an agreement with auto major Mahindra and Mahindra for car financing, a top official of the bank said here Tuesday. The bank will offer financing facilities to eligible customers to buy Mahindra's cars and multi-utility vehicles, bank chairman and managing director S.K.

July 30th, 2009 Indo-ASIAN NEWS SERVICE MUMBAI - Auto major Mahindra and Mahindra Thursday reported a net profit of Rs.400.8 crore for the quarter ended June 30, up from Rs.159.3 crore in the like period last year. The company's total income increased to Rs.4,266.1 crore as against Rs.3,331.8 crore, Mahindra said in a regulatory statement.

July 16th, 2009 MUMBAI - Consequent to an overwhelming response from investors, Mahindra Holidays and Resorts India Limited on Thursday listed its equity shares on the National Stock Exchange (NSE) with an appreciative value to its shares. The value of each share was 7 per cent above the issue price of Rs 300 and it had touched the mark of Rs 324.90 on the NSE.

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 21st, 2009 HYDERABAD - Satyam Computer Services has been renamed as Mahindra Satyam, while the logo will be adopted from the Mahindra Group. Tech Mahindra had bought it in April, The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra in Hyderabad.

June 18th, 2009 MUMBAI - Leisure hospitality provider Mahindra Holidays and Resorts, part of the Mahindra Group, Thursday said its initial public offering (IPO) will hit the capital market June 23. The company plans to offer 9.27 million shares of Rs.10 each through a 100 percent book building route.

June 11th, 2009 NEW DELHI - The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent.

May 15th, 2009 NEW DELHI - Eying the growing domestic tourist sector, Mahindra Holidays and Resorts, a part of Mahindra group, said it will be adding 1,000 more holiday homes under its newly-launched Homestays brand. 'India is not a place to see but to experience.

April 27th, 2009 NEW DELHI - IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09. The company had reported a loss of Rs.207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of Rs.440 crore, an official statement said.

April 22nd, 2009 MUMBAI - Tech Mahindra Wednesday announced its open offer for a 20-percent additional stake in Satyam Computer Services at Rs.58 per share, after buying 31 percent equity in the IT bellwether following a global auction. The offer to all existing shareholders of the Hyderabad-headquartered Satyam opens June 12 and closes July 1, the company told the regulators.

April 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Anand Mahindra, chief of Mahindra Group, said Satyam would remain a stand-alone unit in foreseeable future and its leadership would continue with marginal changes.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 7th, 2009 THIRUVANANTHAPURAM - Mahindra Holidays and Resorts India, part of the Mahindra Group, is planning major expansion in Kerala, including developing a brand new resort in Wayanad district and increasing the number of its home stays to 150 by the year-end, a top official said. Declining to reveal the investment details of the resort project in Wayanad in northern Kerala, Mahindra Holidays managing director Ramesh Ramnathan told IANS on phone from Chennai that the project was still on the drawing board.

February 16th, 2009 MUMBAI - Mahindra Group, famous for its automobiles and farm equipment, is now foraying into wet territory - manufacturing fiberglass powerboats and catamarans. It enters the high-potential, exclusive leisure boating industry under the brand name of Mahindra Odyssea and initially offer state-of-the-art, custom-designed power boats ranging from 20-40 feet, said Mahindra and Mahindra executive vice-president Zhooben Bhiwandiwala.