June 23, 2009 - June 26, 2009

Mahindra Holidays IPO Basis of Allotment

MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED

(Our Company was incorporated as a private limited called 'Mahindra Holidays & Resorts India Private Limited' on September 20, 1996. The status of our Company was changed to a public limited company by a special resolution of the members passed at the annual general meeting held on January 29,1998. The fresh certificate of incorporation consequent upon conversion was issued to our Company on April 17,1998. by the Registrar of company Tamil Nadu at Chennai. Registered & Corporate Office: Mahindra Towers, 2nd Floor, No, 17/18, Patullos Road,
Chennai - 600 002, Tamil Nadu.
Company Secretary and Compliance Officer: Mr. Rajiv Balakrishnan;
Tel: (91 44) 39881000, Fax: (91 44) 3027 7778,
Email: investors@clubmahindra.com, Website: www.clubmahindra.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 92,65,275 EQUITY SHARES OF RS. 10 EACH OF MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED ('MAHINDRA HOLIDAYS' OR THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS.300 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS.290/- PER EQUiTY SHARE), CONSISTING OF A FRESH ISSUE OF 58,96,084 EQUITY SHARES AND AN OFFER FOR SALE OF 33,69,191 EQUiTY SHARES BY MAHINDRA & MAHINDRA LIMITED (THE 'SELLING SHAREHOLDER'), AGGREGATING RS.277.96 CRORE (THE 'ISSUE'). THE ISSUE CONSTITUTES 11.0 % OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 300/- AND IT IS 30 TIMES THE FACE VALUE.

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 {'SCRR'), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein at least 60% of the Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which 5% was available for allocation on a proportionate basis to Mutual Funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid bids being received from them at or above the Issue Price, if at least 60% of the Issue cannot be allocated to QIBs, then the entire application money was to be refunded forthwith. Further, not less than 10% of the Issue was available for allocation on a proportionate basis to Non-lnsiitutional Bidders and not less than 30% of the Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. The Issue received 55,747 applications for 83,938,103 equity shares resulting in 9.06 times subscription. The details of the applications received in the issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual Investors categories are as under: (Before technical rejections)

	Category	No. of Applications	No. of Equity shares	No. of times subscription
A	Retail Individual Bidders	55,428	8,898,343	3.20
B	Non Institutional Bidders	219	8,241,400	8.89
C	Qualified Institutional Bidders	100	66,798,360	12.01
	Total	55,747	83,938,103	9.06

Final Demand
A sample of the final demand at different bid prices is as under:

Bid Price	No. of Equity shares	% to Total	Cumulative Total	Cumulative % to total
Rs.275	10,973,780	12.09	90,790,020	100.00
Rs.276	940	0.00	79.816,240	87.91
Rs.277	4,020	0.00	79,815,300	87.91
Rs.278	80	0.00	79,811,280	87.91
Rs.279	220	0.00	79,811,200	87.91
RS.280	9,11,140	1.00	79,810,980	87.91
Rs.281	280	0.00	78,899,840	86.90
Rs.282	2,320	0,00	78,899,560	86.90
Rs.283	20	0.00	78,897,240	8690
Rs.284	40	0.00	78,897,220	86.90
Rs.285	83,460	0.09	78,897,180	86.90
Rs.286	220	0.00	78,813,720	86.81
Rs.287	380	0.00	78,813,500	86.81
Rs.288	200	0.00	78,813,120	86,81
Rs.289	100	0.00	78,812,920	86.81
Rs.290	2,380	0.00	78,812,820	86.81
Rs.291	20	0.00	78,810,440	86.81
Rs.292	20	0.00	78,810,420	86.81
Rs.293	0	6.00	78,810,400	86.81
Rs.294	600	0.00	78,810,400	86.81
Rs.295	1,260	0.00	78,809,800	86.80
Rs.296	20	0.00	78,808,540	86.80
Rs.297	0	0.00	78,808,520	86.80
Rs.298	0	0.00	78,808,520	86.80
Rs.299	40	0.00	78,808,520	86.80
Rs..300	12,224,460	13.46	78,808,480	86.80
Rs.301	460	0.00	66,584,020	73.34
Rs.302	0	0.00	66,583,560	73.34
Rs.303	60	0.00	66,583,560	73.34
Rs.304	100	0.00	66,583,500	73.34
Rs.305	456,280	0.50	66,583,400	73.34
Rs.306	60	0.00	66,127,120	72.84
Rs.307	160	0.00	66,127,060	72.84
Rs.308	120	0.00	66,126,900	72.83
Rs.309	120	0.00	66,126,780	72.83
Rs.310	69,200	0.08	66,126,660	72.83
Rs.311	640	0.00	66,057,460	72.76
Rs.312	1,080	0.00	66,056,820	72.76
Rs.313	0	0.00	66,055,740	72.76
Rs.314	0	0.00	66,055,740	72.76
Rs.315	560	0.00	66,055,740	72.76
Rs.316	300	0.00	66,055,180	72.76
RS.317	20	0.00	66,054,880	72.76
Rs.318	20	0.00	66,054,860	72.76
Rs.319	20	0.00	66,054,840	72.76
Rs.320	1,140	0.00	66,054,820	72.76
Rs.321	0	0.00	66,053,680	72.75
Rs.322	20	0.00	66,053,680	72.75
Rs.323	0	0.00	66,053,660	72.75
Rs.324	420	0.00	66,053,660	72.75
Rs.325	66,053,240	72.75	66,053,240	72.75
Total	90,790,020	100.00

_{The Basis of Allocation was finalized in consultation with
the Designated Stock Exchange, National Stock Exchange of India Limited ('NSE')
on 7th July, 2009. The final demand at different bid prices and allocation of equity
shares in the following categories is as under:
A. Allocation to Retail Individual Investors including ASBA Applicants (After
Technical Refections)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at
the Issue Price of Rs.300/- per Equity Share, was finalized in consultation with NSE. This
category has been over-subscribed to the extent of 3.15 times. The total number of
equity shares allotted in this category is 2,779,583 equity shares to 44,397 successful
applicants. The category-wise details of the Basis of Allocation are as under:

Category
No. of Applns.
% to total
Total No. of equity shares applied
% to total
No. of equity shares allocated
Ratio
Total No. of equity shares allocated

20
11,181
20.70
2,23,620
2.55
20
7:22
71,160

40
5,512
10.20
2,20,480
2.52
20
7: 11
70,160

60
3,148
5.83
1,88,880
2.16
20
FIRM
62,960

80
2,126
3.94
1,70,080
1.94
25
FIRM
53,150

Additional
1
9: 13
1,471

100
3,598
6.66
3,59,800
4.11
32
FIRM
1,15,136

120
748
1.38
89,760
1.02
38
FIRM
28,424

140
3,233
5.98
4,52,620
5.17
44
FIRM
1,42,252

160
1,240
2.30
1,98,400
2.27
51
FIRM
63,240

180
262
0.48
47,160
0.54
57
FIRM
14,934

200
804
1.49
1,60,800
1.84
63
FIRM
50,652

220
132
0.24
29,040
0.33
70
FIRM
9,240

240
156
0.29
37,440
0.43
76
FIRM
11,856

260
151
0.28
39,260
0.45
83
FIRM
12,533

280
157
0,29
43,960
0.50
89
FIRM
13,973

300
20,330
37.63
6,099,000
69.63
95
FIRM
1,931,350

320
1,246
2.31
3,98,720
4.55
102
FIRM
1,27,092

B. Allocation to Non Institutional Investors (After Technical
Rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at
and above the Issue Price of Rs.300/- per Equity Share, was finalized in consultation with
NSE. This category has been over-subscribed to the extent of 7.87 times. The total number
of equity shares allotted in this category is 926,527 equity shares to 140 successful
applicants. The category-wise details of the Basis of Allocation (sample) are as under:

Category
No. of Applns.
% to total
Total No. of equity shares applied
% to total
No. of equity shares allocated
Ratio
Total No. of equity shares allocated

340
2
1.43
680
0.01
43
FIRM
86

1,000
10
7.14
10,000
0.14
127
FIRM
1,270

3,000
1
0.71
3,000
0.04
381
FIRM
381

5,000
2
1.43
10,000
0.14
635
FIRM
1,270

10,000
3
2.14
30,000
0.41
1,270
FIRM
3,810

25,000
1
0.71
25,000
0.34
3,174
FIRM
3,174

50,000
2
1.43
1,00,000
1.37
6,349
FIRM
12,698

6,50,000
1
0.71
6,50,000
8.91
82,528
FIRM
82,528

6,66,240
1
0.71
6,66,240
9.13
84,590
FIRM
84,590

7,69,220
1
0.71
7,69,220
10.54
97,665
FIRM
97,665

9,31,660
1
0.71
9,31,660
12.77
1,18,286
FIRM
1,18,286

1,001,000
1
0.71
1,001,000
13.72
1,27,088
FIRM
1,27,088

C. Allocation to QIBs

Allocation to QIBs has been done on a proportionate basis in consultation with NSE, As per
the SEBI (Disciosure and Investor Protection) Guidelines 2000, Mutual Funds were initially
allotted 5% of the quantum of equity shares available 277,958 equity shares and other QIBs
and unsatisfied demands of Mutual Funds were allotted the remaining available equity
shares 5,521,807 equity shares.

Category
Fls/Banks
Flls
MFs
ICs
VCs
Total

No. of equity shares
5,22,624
1,312,367
2,125,405
1,596,041
2,728
5,559,165

The IPO committee of the company at its Meeting held at Chennai on 8th July, 2009 has
approved the basis of allocation of equity shares of the issue and has allotted the equity
shares to various successful applicants.
Despatch of the CAN-cum-Refund Orders, allotment advice, intimation regarding refunds
through electronic mode (ECS, RTGS, NEFT or Direct Credit) and notices (where applicable)
have been dispatched to the address of the investors as registered with the depositories
has been completed on 10th July, 2009. Instructions to ASBA banks to transfer funds
related to equity shares allotted, if any, and unblock the remaining amount have been
given on 9th July, 2009. In case the same is not received within ten days, investors may
contact at the address given below. The Refund Orders have been over-printed with the Bank
Mandate details as registered, if any, with the depositories. The equity shares allocated
io successful applicants are being credited to their beneficiary accounts subject to
validation of the account details with the depositories concerned. The company is taking
steps to get the equity shares admitted tor trading on the National Stock Exchange of
India Limited and Bombay Stock Exchange Limited within seven working days from the date of
approval of the basis of allocation i.e.on or before 16th July, 2009

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the
Issue, Karvy Computershare Private Limited at http://karisma.karvy.com

All future correspondence in this regard may kindly be addressed to the Registrars to the
Issue quoting full name of the First/ Sole applicant, Serial number of the
Bid-Cum-Application Form, number of equity shares bid for, name of the Member of the
Syndicate and place where the bid was submitted and payment details at the address given
below:
Karvy Computershare Private Limited

Unit: MHRIL, Plot No. 17 to 24, Vitharao Nagar, Hitech City Road, Madhapur. Hyderabad
-500081,

Fax: 040-23420814 Email: einward.ris@Karvy.com

TOLL FREE - HELPLINE NUMBER: 1-800-3454001

Place: Chennai

Date: 13th July, 2009
For Mahindra Holidays & Resorts India Limited

Sd/-

Rajiv Balakrishnan

Company Secretary

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET
PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF MAHINDRA HOLIDAYS &
RESORTS INDIA LIMITED

Note: All capitalized terms used and not defined herein shall have the
respective meanings assigned to them in the Prospectus.}

Mahindra Holidays IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in Mahindra Holidays IPO .

The Mahindra Holidays IPO basis of allotment (published above) tells you how shares are allocated to you in Mahindra Holidays IPO and category wise demand of IPO share.

Visit the Mahindra Holidays IPO allotment status page to check the number of shares allocated to your application.

In Mahindra Holidays IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the Mahindra Holidays IPO basis of allotment document to know how the shares are allocated in Mahindra Holidays IPO.

Mahindra Holidays IPO Basis of Allotment

Mahindra Holidays IPO Basis of Allotment FAQs

How shares are allotted in Mahindra Holidays IPO?

What is Mahindra Holidays IPO basis of allotment status?

What is Mahindra Holidays IPO allotment process?

Read more about Mahindra Holidays IPO