Mahindra Holidays and Resorts India today said that it has hiked its stake to 83.20 per cent in Finland's Holiday Club Resorts (HCR) through its overseas subsidiary.
Besides, it would invest 10 million euros by the second week of September in the Finnish firm to further increase its stake to 86.38 per cent, Mahindra Holidays and Resorts informed BSE.
"The Company will make fresh investment of 10 million euro in equity of HCR by second week of September 2015 and subsequent to that company's stake will increase to 86.38 per cent," the company said.
Mahindra Holidays and Resorts further informed that it has completed all necessary formalities for increasing its stake to 83.20 per cent in HCR on September 2, 2015.
"... Consequent to this transaction, HCR and HCR Management Oy, Finland, became subsidiaries of the Company with immediate effect," the company said.
The investment committee of the board of directors on June 9, 2015 approved the exercise of its option to increase stake in Holiday Club Resorts (HCR) Finland by up to 88 per cent, the company said in a filing to BSE.
Shares of MHRIL today settled at Rs 294.75 on BSE, up 0.17 per cent from previous close.
