Mahindra Holidays to Increase Stake in Rocksport to 23.42%
Representative image
Mahindra Holidays & Resorts India Limited (MHRIL) is holding 6.67% equity stake in Great Rocksport Private Limited, a company which is engaged in the business of soft adventure-based activities and learning programs.
MHRIL 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%.
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 MHRIL. Further, it is expected that there will be cross selling of products by both parties for their growth and benefits.