The shares of Thomas Cook India hit the upper circuit of 8 per cent today on hopes of an open offer in the range of Rs 330-350 by Condor & Necksermann Touristic, the German leisure group. The UK-based parent Thomas Cook was bought by Condor for $794 million in December 2000.
The scrip, which opened higher at Rs 266, reached an intra-day high of Rs 283.25 to later close at Rs 266.75, up 2 per cent from its previous close of Rs 262.30.
The market expects the new parent, Condor & Necksermann, to soon make an open offer following the defeat of its resolution, seeking exemption from an open offer, by Thomas Cook India shareholders at an extraordinary general meeting held on June 8. The result of the shareholders