Thomas Cook India gains majority holding in Sterling Holiday

Company now holds nearly 55.14% of the paid-up equity share capital of SHRIL

Thomas Cook India has gained majority shareholding in Sterling Holiday Resorts with further acquisition of over one crore shares for Rs 116.26 crore through off-market.

Pursuant to a purchase of 11,863,334 paid-up equity shares of Sterling Holiday Resorts (India) Ltd at Rs 98 per share in an off-market transaction by Thomas Cook Insurance Services (India) Ltd, Sterling Holiday Resorts India has become it's subsidiary, Thomas Cook India said in a filing to BSE.

The share purchase was done on September 3 and September 5, 2014, it added.

Thomas Cook Insurance Services India Ltd (TCISIL) is a wholly-owned subsidiary of Thomas Cook (India), the company said.

"TCISIL now holds approximately 53.48% of Sterling Holiday Resorts India Ltd (SHRIL)," it added.

Another subsidiary of Thomas Cook India, Travel Corporation (India) Ltd owns approximately 1.67% of the paid-up equity of SHRIL, it added.

Thomas Cook India group now holds nearly 55.14% of the paid-up equity share capital of SHRIL, the company said.

Earlier as on June 30, 2014, Thomas Cook India group had 41.94% stake in Sterling Holiday Resorts.

Shares of Thomas Cook India today closed at Rs 144.35 on the BSE, down 0.14% from its previous close.

Thomas Cook India's footprint currently extends to over 233 locations (including 22 airport counters) in 99 cities across India,Mauritius & Sri Lanka.