Mahindra Holidays buys 3.22% in HCR for $2.29 mn | business-news | Hindustan Times
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Mahindra Holidays buys 3.22% in HCR for $2.29 mn

Mahindra Holidays & Resorts India Ltd (MHRIL) has acquired an additional 3.22% stake in Finland-based Holiday Club Resorts Oy (HCR) for $2.29 (over Rs 14.5 crore).

business Updated: Apr 11, 2017 16:24 IST
PTI
Anand Mahindra, chairman and MD, Mahindra Group
Anand Mahindra, chairman and MD, Mahindra Group(Livemint)

Mahindra Holidays & Resorts India Ltd (MHRIL), a subsidiary of the Anand Mahindra-led Mahindra Group has acquired an additional 3.22% stake in Finland-based Holiday Club Resorts Oy (HCR) for $2.29 million (over Rs 14.5 crore).

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

The 3.22% stake has been acquired for a cash consideration of $2.29 million, 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 today closed at Rs 448.15, up 1.33% on BSE.