Thomas Cook soars 11% on report of stake sale at a premium

Defying a sluggish broader market, shares of Thomas Cook India today closed nearly 11% higher amid reports that its UK-based parent Thomas Cook Group was looking to sell its 77.1% stake in the Indian unit at a significant premium.

Shares of Thomas Cook India ended the day 10.97% higher at Rs 70.80 on the NSE. During the day, the stock reached its one-year high of Rs 76.55, up 19.98% from the previous close.

According to reports, Thomas Cook was looking to sell its 77.1% stake in the Indian unit at Rs 105 a share, which is about 65% premium to yesterday's closing price.

The report further said that Thomas Cook is learnt to have put a price of Rs 1,716 crore on the 77.1% stake it holds in Thomas Cook India. It has pegged the asking price at Rs 105 a share, in a bid to cut the mounting debt of its UK-based parent company, it said.

In the broader market, the NSE 50-scrip index Nifty rose 0.18% to 5,243.60.