Thomas Cook hits roof on TCI acquisition

DALAL STREET SPIKES

The Thomas Cook India stock on Friday went north as it announced its decision to acquire Travel Corporation of India (TCI) in an all-cash deal worth Rs 182.45 crore.

The Company proposes to acquire the entire shareholding of TCI, which post acquisition will be a wholly owned subsidiary of the company.

The scrip which opened with a big premium at Rs 525, against Thursday's close of Rs 512.80, quickly hit the upper circuit limit at Rs 564.05 and remained at the same level at close. It gained Rs 51.25 during the day, rising 9.99 per cent.

The trading volume of the stock virtually grew five times as total of 16,783 shares were traded against 3,682 two weeks back.

The company, which has already acquired a firm this year, is looking to expand its wings in the country, as it sees opportunity to expand its leisure travel business with growing income levels in the country.