Thomas Cook India to raise over Rs 600 crore via 5.42% stake sale in subsidiary Quess Corp

MUMBAI: Travel and travel related financial services company, Thomas Cook stated on Wednesday that it has obtained board approval to divest a 5.42% stake in its subsidiary Quess Corp to bring its shareholding to 51.56%, thereby proposing to raise funds of over Rs 600 crore through an Offer for Sale (OFS) process as prescribed by SEBI.

Thomas Cook said the floor price of Rs 800 per share for this price discovery process is the same as that of the August 2017 IPP of Quess Corp.

The company further said that Fairfax Financial Holdings, through the Thomas Cook India Group is committed to maintaining a controlling stake in Quess Corp.

"At the Thomas Cook India Group we are committed to holding a controlling stake in our subsidiary Quess Corp. Our aim is to retire our long term debt and improve profitability; simultaneously increase our cash reserves, enabling us to effectively leverage opportune investments as and when they arise," said Madhavan Menon, chairman and managing director, Thomas Cook India Group.