Mahindra Holidays & Resorts' Finland unit sells stake in 3 subsidiary companies

Mahindra Holidays & Resorts India on Saturday said its Finland-based arm Holiday Club Resorts Oy has sold its entire stake in three subsidiaries for a total consideration of euro 12,00,000 to Skanska Talonrakennus Oy.

"Holiday Club Resorts Oy, a step-down subsidiary of the company, has disinvested its entire stake in three subsidiaries namely, Kiinteisto Oy Jalomella, Kiinteisto Oy Outapalas and Kiinteisto Oy Ulkuvuoma, Finland with effect from March 31, 2016," Mahindra Holidays & Resorts India said in a filing to BSE.

Consequently, all the three companies ceased to be subsidiaries of Holiday Club Resorts Oy, and in turn of the company, it added.

The consideration received is euro 4,00,000 each from the sale of these firms, Mahindra Holidays & Resorts India said.