Moneycontrol Bureau
Shares of Mahindra Holidays rallied 3 percent intraday Wednesday as its step down subsidiary has acquired 51 percent stake in Swedish hotel company.
"Holiday Club Sweden AB, step down subsidiary of Mahindra Holidays & Resorts India, subscribed to 51 percent stake in Visionsbolaget 10088 AB," says the Mahindra Group company in its filing to exchanges.
The company has purchased stake in cash by paying 9 million swedish krona. After the acquisition, Visionsbolaget has become a subsidiary of Holiday Club Sweden AB, which in turn is a subsidiary of Holiday Club Resorts Oy, Finland.
Further, the company says, Visionsbolaget's name will be changed to Holiday Club Sport and Spa Hotels AB. Visionsbolaget was a non-operating company and hence its turnover has been nil. However, now, it is operating a Spa Hotel in Are Sweden.
At 11:16 hours IST, the scrip of Mahindra Holidays and Resorts India was quoting at Rs 418.50, up Rs 6.50, or 1.58 percent on the BSE.
Posted by Sunil Shankar Matkar
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