Stocks

Thomas Cook spurts 6.2% as board okays stake sale in Quess Corp

BL Internet Desk Chennai | Updated on January 09, 2018 Published on November 23, 2017

Shares of Thomas Cook surged as much as 6.24 per cent on Thursday as the company has obtained board approval to divest a 5.42 per cent stake in its subsidiary Quess Corp, which would bring down its shareholding to 51.56 per cent.

The company thereby proposes to raise over ₹600 crore through an offer-for-sale as prescribed by SEBI. The floor price of ₹800 a share for this price discovery process, is the same as that of the August 2017 instituitional placement programme of Quess Corp.

Following a positive open at Rs 233.50 against the previous close of Rs 229.90, the scrip touched an intraday high of Rs 244.25 and a low of Rs 229. In terms of equity volume, 1.32 lakh shares exchanged hands on the BSE.

The company shared ended up by 0.28 per cent at Rs 230.55.

Earlier this month, the company had said that after completing the acquisition of Tata Capital’s travel and forex business, it expects $100 million of extra volumes to come into its fold.

With operations across 25 locals, Thomas Cook expects the newly added forex business to grow its retail footprint and distribution reach. It also envisages an omni channel strategy for the business going forward.

Earlier in August, the company had entered into a partnership with Euronet Worldwide to introduce significant additional benefits on its unique prepaid travel cards — The Thomas Cook Borderless Prepaid multi-currency and One Currency card in India.

Published on November 23, 2017

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