 "Mahindra Holidays to sell entire 10.76% stake in Nreach Online Services")
Mahindra Holidays & Resorts India Ltd on Friday said it will sell its entire 10.76 per cent stake in Nreach Online Services Pvt Ltd for a consideration of Rs 29.31 crore to Gift Management Asia Pte Ltd.
The company has entered into an agreement with Gift Management Asia for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services, Mahindra Holidays & Resorts India said in a regulatory filing.
The transaction is expected to be completed on or before July 31, 2022, it added.
Nreach Online Services offers business software products to solve problems around employee rewards and recognition, channel sales incentives.
Gift Management Asia Pte Ltd (Gift) is engaged in the business of loyalty programme management and development across the globe and serves the multi-faceted loyalty industry across three main functions, including loyalty issuance, exchange and payment, the filing said.
"Gift to whom shares are agreed to be sold, does not belong to the promoter/ promoter group of the company," Mahindra Holidays & Resorts India said.