Mahindra Holidays and Resorts India has rallied 5% to Rs 263 after the company said it has sold all its stakes in two hotel companies in Austria—BAH Hotelanlagen AG and MHR Hotel Management GmbH—for an undisclosed sum.
“The BAH Hotelanlagen AG, Austria and MHR Hotel Management GmbH, Austria have ceased to be subsidiaries of the company with effect from November 29, 2013 in view of divestment of investment held by the company in the aforementioned subsidiary companies,” Mahindra Holidays and Resorts India said in a BSE filing.
Mahindra Holidays, which owns vacation ownership brand Club Mahindra, added that the existing arrangement for room inventory will continue between BAH Hotelanlagen AG, which has a hotel property "Bon Alpina" in Innsbruck, Austria.
The stock opened at Rs 251 and hit a high of Rs 265 on the BSE. Around a combined 33,000 shares have changed hands in early morning deals on the BSE and NSE.
