Fairbridge Capital (Mauritius) Limited (FCML) has completed an Offer for Sale (OFS) of 40 Mn. equity shares of Thomas Cook (India) Limited (TCIL), valued at Rs 5.58 Bn.
Commenting on the completion of the Offer for Sale, Prem Watsa – Chairman & CEO of Fairfax Financial Holdings Limited said:
“Thomas Cook India has been an important member of the Fairfax family since 2012 and we remain committed to maintaining our position as the majority shareholder and promoter of the company. The recovery of the business post the global pandemic is in line with the Tourism & Hospitality industry globally. I am confident that the company will continue to benefit from the India growth story and the rebound of the Tourism & Hospitality industry worldwide.”
In June of the previous year, Fairbridge Capital increased its ownership in Thomas Cook from 70.58% to 72.34%, due to the conversion of optionally convertible cumulative redeemable preference shares.
Throughout 2023, Thomas Cook’s shares were among the best performers, delivering multi-bagger gains exceeding 122% since the beginning of the year. The company recorded a historic rise in profits for the quarter ending in September, propelled by strong growth in all its business areas.
On a year-on-year basis, its consolidated EBITDA soared 2.4 times to Rs 131 crore, while its profit before tax surged to Rs 76.6 crore, a significant increase from Rs 4.9 crore in the same period last year.
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