Thomas Cook India today said that the Bombay High Court has approved its merger with Sterling Holiday Resorts (India).
"The High Court of Bombay has sanctioned the composite scheme of arrangement and amalgamation between Sterling Holiday Resorts (India) Ltd, Thomas Cook Insurance Services (India) Ltd and Thomas Cook (India) Ltd and their respective shareholders and creditors under the court process," the travel services company said in a filing to BSE.
Once the order is filed with and approved by the relevant authorities, Thomas Cook India will begin issuing the scrips to shareholders of Sterling Holiday Resorts India, it added.
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Commenting on the development, Thomas Cook India Managing Director Madhavan Menon said: "The company's strategic investment in Sterling Holiday Resorts is delivering well for us; Sterling Resorts having turned profitable, declaring first profit in 18 years -- of Rs 5 million-- for the last fiscal."
Shares of Thomas Cook India were today trading at Rs 225.10 per scrip on the afternoon trade on BSE, up 2.57 per cent from its previous close.
