Mahindra Holidays buys 3.22% in HCR for 2.16 mn euros

Mahindra Holidays & Resorts India Ltd (MHRIL) has acquired an additional 3.22 per cent stake in Finland-based Holiday Club Resorts Oy (HCR) for 2.16 million euros (over Rs 14.5 crore).

The Mahindra group company, through its step down subsidiary Covington SARL, has increased stake in Holiday Club Resorts Oy, Finland by acquiring an additional 3.22 per cent stake in the share capital of HCR and consequently, its stake in HCR has gone up to 95.16 per cent, MHRIL said in a filing to BSE.

The 3.22 per cent stake has been acquired for a cash consideration of 2.16 million euros, it added.
 

Holiday Club Resorts Oy is a leading vacation ownership company in Europe with 31 resorts in Finland, Sweden and Spain, MHRIL said.

Shares of MHRIL on Tuesday closed at Rs 448.15, up 1.33 per cent on BSE.