No link with UK co: Thomas Cook In­dia

The Times of India (New Delhi edition) - - Times Global - TIMES NEWS NET­WORK

New Delhi: Thomas Cook In­dia (TCIL) has clar­i­fied that it has noth­ing to do with the UK com­pany since 2012 when it was ac­quired by Canad­abased Fair­fax Fi­nan­cial Hold­ings.

But, TCIL saw its share price take a beat­ing on Mon­day when the broader mar­ket wit­nessed a 1,000-point (2.8%) gain and it closed 1.8% lower at Rs 153.7.

“TCIL re­it­er­ates that it is a com­pletely sep­a­rate en­tity from Thomas Cook UK post ac­qui­si­tion in 2012 by Canada based Fair­fax Fi­nan­cial Hold­ings. (What’s hap­pen­ing with) Thomas Cook UK has no cor­re­la­tion, im­pact on TCIL,” the com­pany said in a state­ment.

TCIL CMD Mad­ha­van Menon said: “TCIL was ac­quired by Fair­fax Fi­nan­cial Hold­ings via a 77% stake in 2012 and Thomas Cook UK has had no stake in TCIL since then. Thomas Cook In­dia Group has a strong fi­nan­cial po­si­tion with cash and bank de­posits at Rs 1,389 crore as on June 30, 2019. On a stand­alone ba­sis, Thomas Cook In­dia is debt-free upon pre-pay­ment of Rs 67 crore deben­ture obli­ga­tions ahead of sched­ule. The group gen­er­ates an av­er­age an­nual free cash flow of around Rs 250 crore.”

“Post trans­fer of its en­tire stake in TCIL to Fair­fax, Thomas Cook UK ceased to be pro­moter of TCIL from the said date and since then, Thomas Cook UK has had no stake in TCIL. The last seven years have been fruit­ful as we con­tinue to grow and build our legacy as an in­de­pen­dent en­tity af­ter Fair­fax Fi­nan­cial ac­quired a 77% in TCIL in 2012,” Menon said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.