Thomas Cook Group plc (TCG) had informed the Bombay Stock Exchange and the National Stock Exchange that a pledge has been created on the securities held by the promoters, TCIM Ltd and Thomas Cook UK Ltd in Thomas Cook (India) Ltd of their total shareholding of 163471449 shares, representing 77.11% of the issued share capital. Thomas Cook (India) Ltd (TCIL), of which Thomas Cook Group plc is a shareholder, is a public limited company listed on the National Stock Exchange and Bombay Stock Exchange since 1983 and is completely independent of the parent. It is a standalone entity and has no financial inter-dependencies with Thomas Cook Group plc. Thomas Cook Group plc is therefore only a shareholder in Thomas Cook (India) Ltd.
Mr Madhavan Menon, Managing Director, Thomas Cook (India) Ltd said: “The creation of a pledge by Thomas Cook Group plc is a standard requirement in procurement of its enhanced financial facilities. As just announced to the Stock Exchanges, Thomas Cook (India) Ltd has been reaffirmed with a rating of A1+ for short term borrowings and AA- for its long term debt by CRISIL. This is a clear indication of the strong and viable commercial standing of Thomas Cook (India) Ltd. I would like to re-iterate that the statement issued by Thomas Cook Group plc has no impact on TCIL’s financial position or operational performance.”
He added: “We have had an impressive growth in the last Summer holiday season and continue to see strong demand for all our products. The rupee depreciation has resulted in a further positive upside to our Foreign Exchange business. Our forward bookings are showing strong demand on the holiday side as well. The upcoming holiday season is one that we are looking forward to and have launched a range of attractive packages to meet this demand. This development will have no impact on our business, people, customers, suppliers and the services we provide. We continue to operate business as usual.”
