Thomas Cook shares up over 2% on bourses

MUMBAI: Bucking a weak trend, shares of Thomas Cook India on Tuesday settled with over 2 per cent gains after its UK-based parent sold entire 77 per cent holding in the Indian arm for Rs 817.4 crore to Fairbridge Capital (Mauritius) Ltd.

Shares of the company ended at Rs 62.65, up 2.37 per cent on the BSE. Intra-day, it surged 4 per cent to Rs 63.65. At the NSE, the stock gained 2.46 per cent to close at Rs 62.55.

" Thomas Cook shares rose with huge volumes after the parent company sold 77 per cent stake in the Indian unit to Fairbridge Capital," Sharmila Joshi Head Equity Fairwealth Securities said.

In terms of volume, 41.76 lakh shares of the company were traded on the BSE, while over one crore shares changed hands on the NSE.

"Under the terms of the agreement, Thomas Cook will receive gross cash proceeds of Rs 817.4 crore for its shareholding," Thomas Cook Plc said in a statement. The Group will grant Fairbridge a licence over the Thomas Cook brand for 12.5 years in the countries in which TCIL currently operates, it said.

Meanwhile, in the broader market, the BSE benchmark Sensex closed at 16,026.41, down 156.85 points.