Thomas Cook okays share acquisition

Thomas Cook (India) Ltd on Friday gave its clearance to the proposal of Dubai Financial, a subsidiary of the Dubai Investment Group, to make a public offer to acquire shares of the company.

The board of directors took a decision to this effect at its meeting, it informed the stock exchanges. The board accorded their no objection to the proposed acquisition of the shares of the company from the public shareholders pursuant to the open offer under the SEBI Regulations, it said.

The open offer has been necessitated by the share purchase agreement of December 21 between Dubai Financial, Thomas Cook International Markets and Thomas Cook AG, for the acquisition of 100 per cent stake of TCIM, which holds 60 per cent of the equity share capital of the company.

The no-objection certificate was granted in support of Dubai Financial application to the Foreign Investment Promotion Board for approval to acquire the shares of the company under the open offer, it said.

The Indian public holds a 20 per cent stake in Thomas Cook India. Private corporate bodies and NRIs/overseas corporate bodies own 3.04 per cent and 0.21 per cent stake, respectively.

Similarly, mutual funds and UTI hold 4.15 per cent stake while FIIs have 4.06 per cent of the total paid up equity. Banks and financial institutions hold the remaining 20 per cent.