Mahindra Holidays divests stakes in Austria-based units

Leisure hospitality provider Mahindra Holidays and Resorts India, which is part of the $15.9-billion Mahindra Group, has divested its stake in two Austria-based companies - BAH Hotelanlagen AG and MHR Hotel Management GmbH.

"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," Mahindra Holidays said in a filing to the BSE.

The existing arrangement for room inventory with BAH Hotelanlagen AG would continue and Club Mahindra members can avail it, the filing added.

BAH Hotelanlagen AG has a 97-room three-star hotel named Bon Alpina in Innsbruck, Austria.

Shares in Mahindra Holidays, on Tuesday, ended marginally lower at Rs 251 apiece on the BSE.