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Fairbridge Capital (Mauritius) will buy 77 per cent of Thomas Cook Group’s stake in its India operations for Rs 817.4 crore.
Fairbridge is a subsidiary of Fairfax Financial Holdings.
The agreement for sale was reached following an auction process, Thomas Cook said.
In a filing to the stock exchanges, Thomas Cook India said the agreed price is equivalent to Rs 50 per share which represents an 11 per cent premium to the market price immediately prior to announcement of the auction process.
Thomas Cook Group will grant Fairbridge licence over the Thomas Cook brand for 12.5 years in the countries in which Thomas Cook India operates.
The sale is subject to shareholders and regulatory approvals. It is expected to be completed in the current fiscal.
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