Mahindra Holidays has entered into an agreement with Gift Management Asia for the sale
Mahindra Holidays & Resorts India Ltd announced on Friday that it will sell its entire 10.76% stake in Nreach Online Services Pvt Ltd for consideration of ₹29.31 crore to Gift Management Asia Pte Ltd.
The company has reached an agreement with Gift Management Asia for the sale of its entire investment consisting of 5,738 shares in Nreach Online Services, Mahindra Holidays & Resorts India said in a regulatory filing.
The transaction is expected to close no later than July 31, 2022, he added.
Nreach Online Services offers enterprise software to solve problems related to employee rewards and recognition, and sales incentives.
Gift Management Asia Pte Ltd (Gift) is engaged in the management and development of loyalty programs across the globe and serves the multi-faceted loyalty industry through three main functions including issuance, redemption and loyalty payment, the record says.
“The gift to which it is agreed to sell shares does not belong to the developer/group of developers of the company,” Mahindra Holidays & Resorts India said.
February 18, 2022