New Delhi, Apr 16 (PTI) Mahindra Holidays & Resorts India Ltd on Saturday said it will increase its holding in Rocksport Pvt Ltd, a firm engaged in soft adventure activities and learning programmes, to 23.42 per cent with the acquisition of a tad over 4.88 lakh equity shares for Rs 12 crore.
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, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a regulatory filing.
“After completion of the second tranche investment, the company’s shareholding in Rocksport will go up from 6.67 per cent to 23.42 per cent,” it added.
Rocksport is engaged in the business of undertaking and providing outdoor entertainment, adventure programmes, educational adventure tours and retail of branded adventure products in India, the filing said.
“It is expected that the investment in Rocksport will increase customer engagement avenues for the company,” MHRIL said adding it and Rocksport can engage in multiple formats for its members, especially within its resorts.
“Further, it is expected that there will be cross selling of products by both parties for their growth and benefits,” the company said.
The transaction is expected to be completed on September 1, 2022, the filing added. PTI RKL MR MR
