Mumbai, India: The Sub-Committee of the Board of Directors of Thomas Cook (India) Limited (the Company), has approved the conversion of the balance of Rs. 132.9 crore Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) held by Fairbridge Capital (Mauritius) Limited (FCML), Promoters of the Company, into 2.8 crore equity shares.
The Company had earlier converted Rs. 302 crore OCCRPS into 6.4 crore equity shares on March 17, 2022.
Consequently, the entire OCCRPS of Rs. 435.7 crore has been converted into 9.2 crore equity shares at Rs. 47.30 per share, thereby increasing the Promoters’ shareholding to 72.34%.
The conversion will serve to enhance the long-term capital base of the Company, strengthen the balance sheet, and reflects the Promoters’ continued confidence in the Company.
Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited said, “I am glad to announce the conversion of the balance convertible preference shares into equity, thereby increasing the Promoter shareholding from the present 70.58% to 72.34%. This reflects the confidence of our Promoters in the rapid recovery of the travel & allied services sector and the Company’s growth prospects.”