Stocks

Thomas Cook shares zoom 11% after corporate restructuring

PTI New Delhi | Updated on November 26, 2019 Published on November 26, 2019

Thomas Cook India said its corporate restructuring process has been completed. File Photo   -  Reuters

Travel services firm Thomas Cook India shares on Tuesday zoomed 11 per cent after the company said its corporate restructuring process has been completed after receiving approvals from the NCLT Mumbai and Bengaluru.

Shares of the company jumped 10.48 per cent to ₹169.15 on the BSE. At NSE, it advanced 11 per cent to ₹170.

“The Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective,” the company said in a BSE filing.

The appointed date, from which the scheme will take effect, is April 1 next year, it added.

“Post approval of NCLT Mumbai and Bengaluru on October 10, 2019, and November 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis,” said Thomas Cook (India) Chairman and Managing Director Madhavan Menon.

With this restructuring now completed, “we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams,” he added.

Published on November 26, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.