Fairfax has 77% stake in TCIL
The sale of Thomas Cook India is expected to be completed within the current financial year and total cost of deal is approximately 817 crore.
Fairfax
Financial Holdings Limited ( Fairfax), a Canadian company, on May 21, 2012 announced an agreement through its Fairbridge Capital subsidiary with UK-based Thomas Cook Plc to purchase its 77% stake in Thomas Cook India. The deal has been struck at a purchase price of 50 per share for a total cost of in India. Its services are mainly focussed on foreign exchange, and also include outbound and inbound leisure travel, corporate travel and insurance. It is listed on BSE and NSE and Thomas Cook held 77 per cent stake in it. This deal is part of Thomas Cook’s previously announced plans to reduce debt and strengthen its financial position. The sale of TCIL is expected to be completed within the current financial year.