Thomas Cook (India) hits roof on stake sale report
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Thomas Cook (India) has locked upper circuit of 20% at Rs 53.85 on reports that its parent Thomas Cook Group Plc plans to sell stake in its Indian arm Thomas Cook (India).
"We continue to work hard on restructuring the UK business and a full strategic review of the Group is progressing well. As part of this review, the Board has agreed that the Group will look to sell its majority stake in its publically quoted Indian subsidiary. This is in addition to the previously announced non-core asset disposal programme where we have made good progress." Said Sam Weihagen, Group Chief Executive of Thomas Cook Group plc in interim management report.
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“The UK-based firm has hired Credit Suisse Group AG to help sell Thomas Cook (India) Ltd, “the newspaper report suggests.
In December, promoters of Thomas Cook (India) pledged their entire stake (77.11%) in the company with Royal Bank of Scotland Group Plc (RBS). The promoters of Thomas Cook Group are re-negotiating loans with banks and deferred financial results.
A combined 5.89 million shares have already changed hands on the counter so far and there are pending buy orders for 631,210 shares on the NSE and BSE.
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