Thomas Cook (India) has rallied 15% to Rs 61.75, extending Wednesday’s 20% surge, after the company said that its UK parent – Thomas Cook Plc has finalized plans to sell its entire 77.1% stake in its Indian subsidiary.

The stock has almost doubled from Rs 32.20, touched on January 12, after the its debt-ridden promoter – Thomas Cook Plc had pledged its entire 163.47 million or 77.11% stake of the Indian company.

The UK parent is launching a formal sale process for its stake and has received a number of unsolicited, informal expressions of interest from third parties to acquire the stake, the company said in a filing to the stock exchanges.

However, at that time Thomas Cook India managing director Madhavan Menon had dismissed the sale buzz as mere speculation and said that the creation of a pledge by Thomas Cook Group plc is a standard requirement in procurement of its enhanced financial facilities.

As many as 8.28 million shares have changed hands on the counter so far against an average sub two million shares that were traded daily in past two weeks on the NSE and BSE.