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Companies » News » News

Press Trust of India | London August 10, 2012 Last Updated at 18:49 IST

Thomas Cook gets shareholders' nod for India biz stake sale

The deal would fetch Thomas Cook about Rs 800 crore which would be used to reduce its net debt

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Shareholders of UK-based travel major Thomas Cook Group have approved the sale of 77% stake in its India operations to Fairbridge Capital (Mauritius) Ltd for about Rs 800 crore.

In a regulatory filing to the London Stock Exchange, Thomas Cook Group Plc said that the shareholders approved the deal with 99.99% votes at a General Meeting held yesterday.

Thomas Cook announced on May 21 that it has agreed to sell its 77% interest in Thomas Cook (India) Ltd (TCIL) to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings Ltd.

The deal would fetch Thomas Cook 86.6 million pounds (about Rs 800 crore), which would be used to reduce its net debt.

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