Thomas Cook India shares locked in lower circuit after Prem Watsa’s Fairbridge Capital announces stake sale

Thomas Cook promoter Fairbridge Capital plans to sell 32,000,000 equity shares in the company, which accounts for around 6.8 percent of the firm’s total paid-up equity capital

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Thomas Cook India shares fell 5 percent in the early trade on November 30 on the NSE after the company announced that promoter Fairbridge Capital (Mauritius) would sell over 6 percent in the company through an offer for sale (OFS). At 1 pm, the stocks were locked in lower circuit at Rs 150.5.

Owned by Indian-origin Canadian Billionaire Prem Watsa, Fairbridge Capital has over the years invested in public and private equity securities and debt instruments in India and Indian businesses.

The investment in Thomas Cook (India) in May 2012 was Watsa’s first Indian investment under Fairbridge Capital. Other major investments include Quess Corp, IIFL and Bangalore International Airport.

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According to the filing, Fairbridge Capital plans to sell 32 million equity shares in the company, which is around 6.8 percent of the total paid-up equity capital of the company. Non-retail investors can subscribe to the offer on November 30, while retail investors and non-retail investors who choose to carry forward their un-allotted bids from T day can bid on December 1.

The filing added that in case the shares are oversubscribed, the total offer would come up to 40 million equity shares or 8.5 percent of the equity capital of the company.

Also read: Thomas Cook India announces OFS for promoter

In Q2FY24, the travel and tourism company reported an increase in total income from operations to Rs 1843.42 crores from Rs 1,221.93 crores for the same quarter last fiscal. EBITDA for the same period was Rs 130 crores, up from Rs 54.8 in Q2FY23.

At 10.54 am, the stock was trading at Rs 150.50 on NSE, down 5 percent from the previous close.

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