Thomas Cook gets shareholders' nod for India biz stake sale

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

Thomas Cook announced on May 21 that it has agreed to sell its 77 per cent 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.