India's largest vacation ownership company Mahindra Holidays & Resorts India Ltd (MHRIL) through its overseas arm, has hiked its stake in Finland-based Holiday Club Resorts Oy (HCR) to 83.20 per cent, according to a stock market disclosure. The deal amount is not disclosed.
It has also announced that the company will make a fresh investment of â¬28 million ($31.4 million or Rs 208 crore) to increase its holding in HCR to 86.38 per cent by next week.
In June, MHRIL had said, that it received its board's approval to hike stake in the Finland-based company to 88 per cent for â¬28 million.
MHRIL had originally bought 18.8 per cent stake in HCR last year with the right to increase its holding in the company over two years. Before the latest transaction, it held 23.3 per cent in the company.
Established in 1986, Holiday Club Resorts Oy is amongst the leading vacation ownership companies in Europe and has 30 resorts out of which 22 are located in Finland including six spa hotels resorts, two in Sweden, six in Spain, five in Gran Canaria. In FY14 it had revenues of â¬123 million.
Three of the resorts have golf courses and it had three indoor theme parks in Finland as well as one outdoor theme park in Gran Canaria. All the spa hotels have indoor water parks.
Mumbai-based Mahindra Holidays is a part of the diversified Mahindra Group and runs hotels and resorts under the Club Mahindra brand.
Shares of MHRIL were trading at Rs 298.64 each, up 1.32 per cent on BSE in a strong Mumbai market on Thursday at 3.05 PM.