Mahindra Holidays to sell stake in Nreach for Rs. 29.31 crore
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Mahindra Holidays & Resorts India has agreed on February 17, 2022, to sell its entire investment consisting of 5,738 equity shares (10.76% stake) in Nreach Online Services, held as an investment by the company.
The company has agreed to sell its entire stake held in Nreach for a consideration of Rs. 29.31 crore.
The company had invested in Nreach Online Services in October 2016 and the said investment is held as an unquoted investment which has been reported in the subsequent Annual Reports of the company.
Nreach is neither an associate nor a subsidiary company and hence, it does not impact turnover or revenue or income of the Company. The carrying value of investments as on March 31, 2021, was Rs.3 crore.
The buyer Gift Management Asia Pte. Ltd. is engaged in the business of loyalty program management and development across the globe and serves the multi-faceted loyalty industry across three main functions including Loyalty Issuance, Loyalty Exchange, and Loyalty Payment. APIS Growth Fund II, a private equity fund managed by APIS Partners LLP, a UK-based asset manager that supports growth stage financial services and financial infrastructure businesses, has invested US$50 million in Gift.