Travel services firm Thomas Cook India on Saturday said it plans to raise up to Rs 450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.
Details of Preference Shares
The company’s board has approved issuance of up to 45,00,00,000 OCCRPS of face value of 10 each to Fairbridge Capital (Mauritius) Ltd, the promoter of the company, through private placement on a preferential basis, Thomas Cook said in a regulatory filing.
Issue Size
The size of the issue is up to Rs 450 crore subject to the approval of regulatory, statutory authorities and the shareholders of the company, it added.
Company’s Financial
The company, earlier this month, reported a consolidated net loss of Rs 66.23 crore for the third quarter ended December 2020, due to the continued impact of Covid-19.
It had posted a net profit of Rs 8.60 crore for the corresponding period previous fiscal.
Comment from Chairman
Madhavan Menon, “Despite the continued challenges posed by the pandemic, our teams have remained focussed on business recovery across each of our business segments with impressive performances by DEI, the Middle East based DMS companies and Sterling Holidays, supported by the continued focus on cost optimisation and cash conservation across the Group.”
Impact on Stock Market
Thomas Cook India stock gained 5.15% to Rs 50.25 against previous close of Rs 47.45 on BSE. The share opened at Rs 48.50.The stock has risen 5.57% in the last 3 days.
Thomas Cook India share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 2.55% since the beginning of this year but fallen 2% in one year.
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