Thomas Cook India gains majority holding in Sterling Holiday Resorts

NEW DELHI: Thomas Cook India has gained majority shareholding in Sterling Holiday Resorts with further acquisition of over one crore shares for Rs 116.26 crore through off-market.

Pursuant to a purchase of 11,863,334 paid-up equity shares of Sterling Holiday Resorts (India) Ltd at Rs 98 per share in an off-market transaction by Thomas Cook Insurance Services (India) Ltd, Sterling Holiday Resorts India has become it's subsidiary, Thomas Cook India said in a filing to BSE.

The share purchase was done on September 3 and September 5, 2014, it added.

Thomas Cook Insurance Services India Ltd (TCISIL) is a wholly-owned subsidiary of Thomas Cook (India), the company said.

"TCISIL now holds approximately 53.48 per cent of Sterling Holiday Resorts India Ltd (SHRIL)," it added.

Another subsidiary of Thomas Cook India, Travel Corporation (India) Ltd owns approximately 1.67 per cent of the paid-up equity of SHRIL, it added.

Thomas Cook India group now holds nearly 55.14 per cent of the paid-up equity share capital of SHRIL, the company said.

Earlier as on June 30, 2014, Thomas Cook India group had 41.94 per cent stake in Sterling Holiday Resorts.

Shares of Thomas Cook India today closed at Rs 144.35 on the BSE, down 0.14 per cent from its previous close.

Thomas Cook India's footprint currently extends to over 233 locations (including 22 airport counters) in 99 cities across India,Mauritius & Sri Lanka.