Mahindra Holidays & Resorts India, leader in vacation ownership space in India focusing on quality family holidays is planning to increase its stake in Holiday Club Resorts of Finland from 23.3% to 88% for Rs 2 billion. The remaining stake will be held by the management of the Finnish company.
The company also plans to invest an additional Euro 10 million in Holiday Club Resorts Oy in the form of equity or loan to finance the growth of the Finnish firm in near future.
The investment committee of the board of directors today approved the exercise of its option to increase stake in Holiday Club Resorts (HCR) Finland by up to 88%, the company said.
“The investment required for this 64.7% stake is Euro 28 million and would make the investment through overseas subsidiaries,” the company said.
The deal is expected to be completed in two-three months subject to regulatory approvals in different countries, it added.
Shares of the company declined Rs 1.45, or 0.61%, to settle at Rs 236. The total volume of shares traded was 36,583 at the BSE (Tuesday).