Thomas Cook gets shareholders' nod for India biz stake sale | business | Hindustan Times
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Thomas Cook gets shareholders' nod for India biz stake sale

business Updated: Aug 10, 2012 20:40 IST

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File-photo-of-a-branch-of-Thomas-Cook-AFP-Paul-Ellis

Shareholders of UK-based travel major Thomas Cook Group have approved the sale of 77% stake in its India operations to Fairbridge Capital (Mauritius) Ltd for about Rs 800 crore.

In a regulatory filing to the London Stock Exchange, Thomas Cook Group Plc said that the shareholders approved the deal with 99.99% votes at a General Meeting held on Thursday.

Thomas Cook announced on May 21 that it has agreed to sell its 77% interest in Thomas Cook (India) Ltd (TCIL) to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings Ltd.

The deal would fetch Thomas Cook 86.6 million pounds (about Rs 800 crore), which would be used to reduce its net debt.