Mahindra Holidays & Resorts India, leader in vacation ownership space in India focusing on quality family holidays, witnessed a rise in share price on Thursday after it completed the formalities for increasing its stake to 83.20% in Holiday Club Resorts Oy, Finland (HCR) through its overseas subsidiary.
With this transaction, HCR and HCR Management Oy, Finland, became subsidiaries of the company with immediate effect.
Further, the company will make fresh investment of Euro 10 million in equity of HCR by second week of September 2015. Subsequent to the investment, the company's stake will increase to 86.38%.
Shares of Mahindra Holidays & Resorts India are trading at Rs 301.05, up Rs 6.3, or 2.14% at the Bombay Stock Exchange (BSE) on Thursday at 11:58 a.m.
The scrip has touched an intra-day high of Rs 303.75 and low of Rs 297.80. The total volume of shares traded at the BSE is 11,063.