Sharemasterindia.com: Mahindra Holidays & Resorts India shares gained over 6 per cent to
an intraday high of Rs 250 per share on Tuesday as the company said that
it will increase its stake in Holiday Club Resorts of Finland.Mahindra Holidays had initially bought a minority stake in the leading vacation ownership company in July, 2014. Holiday Club Resorts owns 30 resorts in Finland, Sweden and Spain.
Mahindra Holidays' board has authorised the company to buy up to 88 per cent in Holiday Club Resorts of Finland, the company said in a statement.
Mahindra Holidays will invest 23 million euro to increase its stake in Holiday Club Resorts from current 23.3 per cent to 88 per cent. The investment will be made through Mahindra Holidays' subsidiaries, the company said.
Further, Mahindra Holidays said that it will invest an additional upto 10 million euros in Holiday Club in the form of equity/loan, to finance the growth of the company in near future.
As of 1.06 p.m. shares in Mahindra Holidays traded 1.24 per cent higher at Rs 240.40, outperforming the broader Nifty, which was up 0.06 per cent.
