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Thomas Cook India Shares Surge 17% On Buyback Plan

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Shares of Thomas Cook India rose 17 percent on Thursday morning to Rs 49.30 after the company said it will consider buying back its shares.

 

In a press release on Thursday, the company said that its Board of Directors is scheduled to meet on 26 February 2020 to consider and approve the proposal for buyback of its equity shares.

 
Thomas Cook India Shares Surge 17% On Buyback Plan
Thomas Cook India: Quotes, News
BSE 147.55BSE Quote0 (0.00%)
NSE 147.45NSE Quote0 (0.00%)

"Further, in terms of Securities and Exchange Board of India SEBI (Prohibition of Insider Trading) Regulations, 2015, and the Company's policy on Prevention of Insider Trading, the ''Trading Window'' for dealing in the securities of the Company will be closed for the designated persons of the Company and/ or their immediate relatives with immediate effect from today, i.e. from 20th February, 2020 till 48 hours after the end of the meeting, i.e. until 28th February, 2020 (both days inclusive)," it added.

Share buybacks allow companies to re-absorb a portion of its ownership that is with the public or private investors. It is also used by some blue-chip companies as an alternative to dividends to return cash back to its shareholders.

In September, after liquidation proceedings began at the Thomas Cook PLC, Thomas Cook India clarified that it was not related to the UK firm and stressed at it was a different entity owned by Canada-based Fairfax Financial Holdings. Thomas Cook UK ceased to be Thomas Cook India's promoter after it transferred its entire stake in 2012 to Fairfax.

In December 2019, Thomas Cook India signed an agreement with the liquidators of Thomas Cook UK to purchase the brand, the logos, the trademark and the domains of Thomas Cook in India, Mauritius and Sri Lanka in perpetuity.

Story first published: Thursday, February 20, 2020, 10:16 [IST]
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