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Thomas Cook India has gained majority shareholding in Sterling Holiday Resorts with further acquisition of over one crore shares for Rs 116.26 crore through off-market.
Pursuant to a purchase of 11,863,334 paid-up equity shares of Sterling Holiday Resorts (India) Ltd at Rs 98 per share in an off-market transaction by Thomas Cook Insurance Services (India) Ltd, Sterling Holiday Resorts India has become it's subsidiary, Thomas Cook India said in a filing to BSE.
The share purchase was done on September 3 and September 5, 2014, it added.
Thomas Cook Insurance Services India Ltd (TCISIL) is a wholly-owned subsidiary of Thomas Cook (India), the company said.
"TCISIL now holds approximately 53.48% of Sterling Holiday Resorts India Ltd (SHRIL)," it added.
Another subsidiary of Thomas Cook India, Travel Corporation (India) Ltd owns approximately 1.67% of the paid-up equity of SHRIL, it added.
Thomas Cook India group now holds nearly 55.14% of the paid-up equity share capital of SHRIL, the company said.
Earlier as on June 30, 2014, Thomas Cook India group had 41.94% stake in Sterling Holiday Resorts.
Shares of Thomas Cook India today closed at Rs 144.35 on the BSE, down 0.14% from its previous close.
Thomas Cook India's footprint currently extends to over 233 locations (including 22 airport counters) in 99 cities across India,Mauritius & Sri Lanka.
