Shares in Thomas Cook (India) Ltd surged to its highest since September 2010 after Business Standard reported parent Thomas Cook Group was looking to sell a stake at a significant premium, citing unnamed market sources.
Our newspaper said Thomas Cook was looking to sell its 77.1% stake in the Indian tour operator unit at Rs 105 a share, which would mark almost a 65% premium to Monday's closing price.
Shares in the Indian unit were last up 8.3% at Rs 69.10, after earlier in the morning gaining as much as 20% to Rs 76.55, around a 19-month high.
Thomas Cook officials could not be immediately reached for a comment.
Thomas Cook said in February it planned to sell its 77% stake in Thomas Cook India to bring down its debt of about 890 million pounds.
