Sterling Holiday Resorts' promoter Thomas Cook Insurance Services India today picked up 61.44 lakh shares of the hospitality firm for an estimated Rs 60.21 crore through the open market route.
According to block deal details with the stock exchanges, shares of Sterling Holiday Resorts were acquired from the company's another promoter Sidharth Shankar Subramanian and shareholder India Discovery Fund.
The shares were purchased at an average price of Rs 98 apiece, valuing the transaction at Rs 60.21 crore.
In February, travel firm Thomas Cook (India) had announced a merger with Sterling Holiday Resorts India in a Rs 870-crore part-equity, part-cash deal.
As per the deal, Chennai-based Sterling Holiday Resorts' (India) resorts and some other business would be transferred to Thomas Cook Insurance Services, a subsidiary of Thomas Cook (India).
The multi-layered deal involves Thomas Cook Insurance subscribing to nearly 2 crore shares (22.86 per cent stake) of Sterling Holiday pursuant to a preferential allotment.
Besides, Thomas Cook Insurance would pick up 19.94 per cent holding in Sterling Holiday Resorts from certain shareholders of the resort.
Further, Thomas Cook (India) has made an open offer for acquiring additional 26 per cent under capital market norms since Sterling Holiday is a listed company.
As per the shareholding pattern of Sterling Holiday Resorts for quarter ending March 2014, Thomas Cook Insurance held little over 3 crore shares of the hospitality firm amounting to 33.82 per cent stake.
For the same quarter, Sidharth Sankar Subramanian held 8.11 per cent stake in the company while India Discovery Fund had a shareholding of 5.86 per cent.
Sterling Holiday Resorts shares declined 0.61 per cent to settle at Rs 98.25 apiece, on the BSE.
