Shares of Thomas Cook India slumped another 5 percent in early trade on December 1, extending its fall to the third straight session after the company announced that its promoter Fairbridge Capital (Mauritius) intends to exercise the green-shoe option in the ongoing offer-for-sale (OFS).
At 10am, shares of Thomas Cook India were trading 3.5 percent lower at Rs 145.20.
Follow our live blog for all the market action
The OFS opened on November 29 and will close later on December 1. Fairbridge Capital plans to sell up to an 8.50 percent stake through the OFS. Out of the total, a 6.8 percent stake or 3.2 crore equity shares of the company constituted the base of the OFS, while the green-shoe option gave an allowance for an oversubscription of the remaining 1.70 percent stake.
Fairbridge Capital (Mauritius) owns a 72.34 percent stake in Thomas Cook (India) as per the company's shareholding data as of the end of the September quarter. After the OFS, the promoter will be left with a 63.84 stake in the company. Brokerage firm IIFL Securities will be the settlement broker for the offer.
Shares of the company have also been on a downward spiral since the announcement of the OFS and have slumped around 15 percent in three straight sessions.
Also Read | Thomas Cook India announces OFS for promoter
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
