Mahindra Holidays & Resorts India (MHRIL), India’s leading leisure hospitality provider, has received an approval to exercise its option to increase its stake in Holiday Club Resorts, Oy, Finland (HCR) up to 88%. The Investment Committee of the Board of Directors of the company has approved for the same. Holiday Club Resorts Oy, Finland is Europe’s leading vacation ownership company, with 30 resorts in Finland, Sweden and Spain.
The company presently owns 23.3% of HCR and with the exercise of the call option, the shareholding of MHRIL in HCR can go up to 88%. The balance 12% is primarily held by the management. The investment required for this 64.7% stake is 28 million euro. MHRIL would make this investment through its overseas subsidiaries. The deal is expected to be completed in a 2-3 month time-frame, subject to customary regulatory approvals in different countries.
In addition to the above investments MHRIL may invest an additional up to 10 million euro in Holiday Club in the form of equity/loan, or in any other manner, to finance the growth of the company in the near future.
Company Name | CMP |
---|---|
Indian Hotel | 570.90 |
EIH | 477.55 |
Mahindra Holi.&Resor | 408.10 |
Chalet Hotels | 865.80 |
Lemon Tree Hotels | 154.35 |
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