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).

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).

Anand Mahindra, chairman and MD, Mahindra Group(Livemint)

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.