Thomas Cook (India) rose 0.77% to Rs 204 at 9:25 IST on BSE after the company along with its wholly owned subsidiary, Travel Corporation (India), formally completed the process of acquisition of 100% stake of Kuoni Travel (India) from Kuoni Group.
The company made the announcement before market hours today, 17 December 2015.
Meanwhile, the S&P BSE Sensex was up 114.13 points or 0.45% at 25,608.50.
On BSE, so far 310 shares were traded in the counter as against average daily volume of 53,912 shares in the past one quarter.
Thomas Cook (India) said that the acquisition completed yesterday, 16 December 2015. With this, the company completed the acquisition process of Kuoni Group's Travel businesses across both India and Hong Kong. In addition to the current brands of Thomas Cook and Travel Corporation (India), the acquisition will allow the Thomas Cook India Group the usage of the SOTC brand (including SITA) in perpetuity, the Kuoni brand in India for 12 months and in Hong Kong for 5 years.
The company after market hours on 15 December 2015 had said that it has received approval of the Competition Commission of India for its acquisition of Kuoni Travel (India). It may be recalled that Thomas Cook (India) had in August 2015, signed a definitive agreement with Kuoni Group to acquire Kuoni's travel businesses across India and Hong Kong for Rs 535 crore. As part of the acquisition, the company will take all of the approximately 1,800 employees of Kuoni's business units in India and Hong Kong tour operating and will continue to run the business activities as an independent company. The company had formally concluded on 9 November 2015, the acquisition of 100% shareholding of Kuoni Travel (China), Hong Kong from the Kuoni Group.
Thomas Cook (India)'s net profit fell 40.6% to Rs 6.74 crore on 9.2% decline in sales to Rs 99.06 crore in Q2 September 2015 over Q2 September 2014.
Thomas Cook is an integrated travel and travel related financial services company in the country offering a broad spectrum of services that include foreign exchange, corporate travel, mice, leisure travel, insurance, visa & passport services and e-business.
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