Thomas Cook (India) has received the approval of the Board of Directors of the company for a buy-back of up to 26,086,956 fully paid up shares at a price of Rs. 57.50 per share for a maximum aggregate amount of Rs. 150 crore.
The buy-back price per share of Rs. 57.50 is at a premium of 40% over the closing market price of the Equity Shares as on the date immediately preceding the date of the intimation of the Board Meeting.
The perceived negative impact of the Corona Virus on travel businesses, has affected the Company's share price and hence, the buy-back signals to shareholders the Management's confidence in the strong fundamentals and growth prospects of the Company.
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