Mahindra Group firm Mahindra Holidays & Resorts India (MHRIL) has increased its stake in Finland-based Holiday Club Resorts Oy by buying additional 6.33 per cent 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 per cent stake in the share capital of HCR and consequently, its stake in HCR has been increased from 85.61 per cent to 91.94 per cent,” 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 percent from its previous close.
