Mahindra Holidays to increase stake in Rocksport to 23.42%

Mahindra Holidays & Resorts India Limited (the "Company") is holding 6.67% equity stake in Great Rocksport Private Limited ("Rocksport"), a company which is engaged in the business of soft adventure based activities and learning programs.

The Company has agreed to subscribe to an additional 4,88,321 equity shares of Rocksport in three installments for a total cash consideration of Rs.12 crore. After completion of the second tranche investment, the Company's shareholding in Rocksport will go up from 6.67% to 23.42%.

Rocksport is engaged, in the business of undertaking and providing outdoor entertainment, adventure programs, educational adventure tours and retail of branded adventure products in India.

It is expected that the investment in Rocksport will increase customer engagement avenues for the Company, whereby the Company and Rocksport can engage in multiple formats for its members - especially within resorts of the Company. Further, it is expected that there will be cross selling of products by both parties for their growth and benefits.

Shares of Mahindra Holidays & Resorts India Limited was last trading in BSE at Rs. 244.95 as compared to the previous close of Rs. 241.30. The total number of shares traded during the day was 51223 in over 1134 trades.

The stock hit an intraday high of Rs. 248.30 and intraday low of 242.10. The net turnover during the day was Rs. 12575238.00.

Source : Equity Bulls

Keywords

MahindraHolidaysandResortsIndia INE998I01010 MHRIL Rocksport StakeIncrease OutdoorEntertainment