Business Daily from THE HINDU group of publications
Thursday, Aug 28, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Aug 28, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Rights Issue Thomas Cook gets board nod for rights issue 
Our Bureau Mumbai, Aug. 27 The board of Thomas Cook India has approved a rights issue of up to Rs 200 crore. The ratio, price and other terms for the issue would be decided at a later date, a press release issued by the company said. The company’s rights issue that was announced last year and had been deferred now stands cancelled. That issue was intended to raise Rs 225 crore and was at a ratio of one equity share for every three equity shares. The proceeds from the currently approved rights issue would be used to finance the redemption of preference shares worth Rs 105 crore and the redemption premium and other costs. The balance amount would be used for repaying the existing debt. The share price of the company rose 15 per cent on Wednesday to close at Rs 98.85. The increase in the share price could be due to shareholder anticipation of a favourable ratio in the rights issue, the head of institutional business with a leading brokerage firm said. The company’s share price has increased by 31 per cent over the last month. More Stories on : Rights Issue | Financial Services
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