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Thomas Cook to sell its Indian arm; stock rises
Cash-strapped UK parent of Thomas Cook India has decided to sell its Indian arm to raise money to help its troubled global operations, a leading newspaper reported on Thursday.
Cash-strapped UK parent of Thomas Cook India has decided to sell its Indian arm to raise money to help its troubled global operations, a leading newspaper reported on Thursday.
Royal Bank of Scotland will find a buyer for Thomas Cook India after the two foreign founders pledged their entire holding in the Indian arm with the British bank on Wednesday, the report said, citing unnamed industry sources.
The company values its Indian business at 7 billion rupees, it said, quoting a person with direct knowledge of the development.
Mumbai-based Mercury Travels, Cox & Kings, Chinese firm HNA and foreign exchange group Travelex could be interested in the business, the report said.
Thomas Cook India's founders and the UK parent jointly own 77 percent stake in the India unit, while small investors hold about 15.61 percent.
The talk of selling India business was just speculation and that the company would not like to comment, Thomas Cook India Managing Director Madhavan Menon told the newspaper.
Company officials did not answer a phone call by Reuters.
Thomas Cook (India) touched a 52-week low of Rs 32.30. At 09:37 hrs the share was quoting at Rs 33.60, up Rs 0.95, or 2.91%.
It was trading with volumes of 331,711 shares. In the previous trading session, the share closed down 4.11% or Rs 1.40 at Rs 32.65.
