Mahindra Holidays buys additional 6.33% stake in Holiday Club Resorts
The company acquired the additional stake in the Finland-based Holiday Club Resorts Oy for Euro 4.37 million.
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Mahindra & Mahindra restructures business in three verticals, shares riseMahindra Group firm Mahindra Holidays & Resorts India (MHRIL) has increased its stake in Finland-based Holiday Club Resorts Oy by buying additional 6.33% shares at a consideration of Euro 4.37 million.
"The company through Covington S.A.R.I, Luxembourg, its step down subsidiary, has increased its stake in Holiday Club Resorts Oy, Finland (HCR) by acquiring additional 6.33% stake in the share capital of HCR and consequently, its stake in HCR has been increased from 85.61% to 91.94%," MHRIL said in a filing to BSE.
The cost of acquisition which was paid in cash was Euro 4.37 million, it added.
Holiday Club Resorts Oy is a vacation ownership company with 31 resorts in Finland, Sweden and Spain.
Shares of Mahindra Holidays & Resorts India today closed at Rs 400.50 per scrip on BSE, up 2.72% from its previous close.
