Mahindra & Mahindra Ltd (M&M) sold a tenth of its stake in Mahindra Holidays & Resorts India Ltd, the time-share hospitality firm behind the brand Club Mahindra, for Rs 274.3 crore ($41 million) on Friday.
Stock exchange data showed that mutual funds under SBI and HDFC bought the stake.
M&M’s holding has shrunk from 75% to 67.5%.
Mahindra Holidays that was previously backed by private equity firm Jacob Ballas is the third most valued hospitality firm behind Indian Hotels (Taj Hotels) and EIH (Oberoi).
It competes with the likes of Fairfax-backed Thomas Cook, which acquired Sterling Holidays to enter the vacation ownership space in the country, expanding its travel agency business.
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