(updated - 09 Feb 2012)
Stock Updates
Thomas Cook (India) gained 100% in less than-a-month
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Thomas Cook (India) has gained 5.75% to Rs 57, after the company said that its UK parent – Thomas Cook Plc has finalized plans to sell its entire 77.1% stake in its Indian subsidiary.
The stock has almost doubled from Rs 32.20, touched on January 12, after the its debt-ridden promoter – Thomas Cook Plc had pledged its entire 163.47 million or 77.11% stake of the Indian company.
The UK parent is launching a formal sale process for its stake and has received a number of unsolicited, informal expressions of interest from third parties to acquire the stake, the company said in a filing to the stock exchanges.
However, at that time Thomas Cook India managing director Madhavan Menon had dismissed the sale buzz as mere speculation and said that the creation of a pledge by Thomas Cook Group plc is a standard requirement in procurement of its enhanced financial facilities.