Thomas Cook to sell off Indian unit; shares up

Posted By: Religare
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Tour operator, Thomas Cook on February 8, 2012 said that it will sell 77.1 per cent stake in Thomas Cook India Ltd as the UK based group reported the loss in December quarter.

Thomas Cook to sell off Indian unit; shares up
The group said it has received a number of unsolicited informal expressions of interest for its 77.1 per cent stake in Thomas Cook India Limited (TCIL), the largest integrated foreign exchange and travel services company in the country.

The company has also tied up with Credit Suisse Group AG to initiate the sale process, said a media report. Also in December 2011, the group had pledged its entire stake in Indian unit with Royal Bank of Scotland Group Plc (RBS).

The company posted the pre-tax loss of 151.7 million pound in quarter ended December 31, 2011, even as revenues rose 3 per cent during the same period.

"If the offers are attractive then we will consider selling our stake and using the proceeds to continue to strengthen the group's balance sheet," interim Chief Executive Sam Weihagen said.

The shares of the company surged after the news and on Thursday the shares on BSE were seen trading higher at Rs 58.25 up by 4.95 points or 9.18%.

Dion Global Solutions Ltd

Read more about: thomas cook india, bse
Story first published: Wednesday, February 8, 2012, 23:39 [IST]
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