Thomas Cook (India) Limited to issue 45 crore OCCRPS to promoter company to raise Rs. 450 crore

The Board of Directors of Thomas Cook (India) Limited (the "Board"), at its meeting held today, has, approved the issuance of up to 45,00,00,000 Optionally Convertible Cumulative Redeemable Preference Shares of face value of ₹ 10/- each ("OCCRPS") to Fairbridge Capital (Mauritius) Limited, the Promoter of the Company, through private placement on a preferential basis ("Preferential Issue"), in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), as amended, and other applicable laws, at a price of ₹ 10/- per OCCRPS aggregating upto ₹ 450 crore (Rupees Four Hundred and Fifty crore only), subject to the approval of regulatory / statutory authorities (including the Reserve Bank of India) and the shareholders of the Company at the forthcoming Extraordinary General Meeting.

As a result of the proposed issue, the Board approved the increase in the Authorised Preference Share Capital from ₹ 250,00,00,000 to ₹ 500,00,00,000 and consequential changes to the Capital Clause of the Memorandum of Association of the Company.

Further, for the purpose of giving effect to the above issuance of OCCRPS, the Board has authorized a committee to decide on various matters related to issuance of such OCCRPS, including, convening the extraordinary general meeting and approving the notice and explanatory statement.

Shares of THOMAS COOK (INDIA) LTD. was last trading in BSE at Rs.47.6 as compared to the previous close of Rs. 47.25. The total number of shares traded during the day was 38444 in over 409 trades.

The stock hit an intraday high of Rs. 48.65 and intraday low of 47. The net turnover during the day was Rs. 1836412.

Source : Equity Bulls

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