Shares in Mahindra Holidays rallied 3.5 per cent after the company said it had divested stake in its Austrian subsidiaries.
"Mahindra Holidays & Resorts India Ltd has informed BSE that the BAH Hotelanlagen AG, Austria and MHR Hotel Management GmbH, Austria have ceased to be subsidiaries of the Company with effect from November 29, 2013 in view of divestment of investment held by the Company in the aforementioned subsidiary companies," the company said in a release to the Bombay Stock Exchange.
Further, the Company has informed that the existing arrangement for room inventory will continue between BAH Hotelanlagen AG (which has a hotel property "Bon Alpina" in Innsbruck, Austria) and the Company. Accordingly, Club Mahindra members can continue to avail the room inventory in Bon Alpina.
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