Mahindra Holidays & Resorts India Limited updates on loan to subsidiary

Mahindra Holidays & Resorts India Limited has provided a loan of Euro 25 Million to MHR Holdings (Mauritius) Limited, Mauritius ("MHR Holdings"), wholly owned subsidiary of the Company. The Euro has been weakening against US Dollar and consequently Indian Rupee. MHR Holdings has decided to repay the loan partially to take benefit of weaker Euro. This loan provided by the Company to MHR Holdings will be utilized for the purpose of repayment of several loan(s) availed by it from the banks for the purpose of making investments in or providing financial assistance to its wholly owned subsidiary companies.

The Company had granted Corporate Guarantee(s) for securing the repayment of aforesaid loan(s) availed by MHR Holdings from the bank(s) and consequent to the repayment of loan(s) by MHR Holdings, the Corporate Guarantee(s) provided by the Company will get released from the bank(s) to the extent of loan repayment.

This transaction of providing loan to MHR Holdings is a related party transaction and the same is done at an arms' length basis.

Shares of Mahindra Holidays & Resorts India Limited was last trading in BSE at Rs. 224.65 as compared to the previous close of Rs. 225.15. The total number of shares traded during the day was 10081 in over 500 trades.

The stock hit an intraday high of Rs. 226.70 and intraday low of 221.00. The net turnover during the day was Rs. 2261578.00.

Source : Equity Bulls

Keywords

MahindraHolidaysandResortsIndia INE998I01010 MHRHoldings LoanRepayment WeakEuro