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Thomas Cook (India) Ltd is planning to reduce the promoters’ stake to meet the SEBI norm by issuing shares to Qualified Institutional Buyers (QIBs) through an Institutional Placement Programme (IPP).
The company’s board of directors on January 5 had decided to issue shares not exceeding 3.6 crore to meet the SEBI norm of a maximum 75 per cent promoters’ holding in listed companies.
According to the latest figures, the promoters’ holding in TCIL is 87.1 per cent, FIIs 0.01 per cent, DIIs 0.26 per cent and others 12.63 per cent.
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