Thomas Cook (India) Announces Rights Issue
Mumbai, August 27, 2008: Thomas Cook (India) Limited (TCIL), a leading travel and financial services provider in the country, announced their Rights Issue today. The Board of Directors approved in principle the company’s Rights Issue amounting to Rs. 200 crore. The proceeds of the Rights Issue would be used for Redemption of the Preference Shares of Rs. 105 crore and redemption premium / expenses related to the issue. The balance funds would be utilized for repayment of existing debt.
Commenting on the Rights Issue, Mr. Madhavan Menon, Managing Director Thomas Cook (India) Ltd said, “The rights issue will help us restructure our capital structure to prepare us for the next stage of growth.”
The ratio and the price of the issue has not yet been decided, and will be intimated at a later date.
About Thomas Cook (India) Limited
Thomas Cook (India) offers a broad spectrum of travel and related services such as package tours, currency exchange and travel insurance as well as hotel and flight reservations. Thomas Cook has been present in India for over 125 years and operates over 160 offices at various locations in the country and has operations in Sri Lanka & Mauritius. It employs over 2,500 employees and generated Income from Operations of Rs 2.86 billion and a Net Profit of Rs. 519.2 million for 12 months period (Dec 06 – Dec 07). In its initiative to be a ‘One Stop Shop’, the Company offers unique travel products to its customers. During CY07, the Company launched a ‘Thomas Cook Titanium Credit Card’ and a foreign currency Debit Card. It also came up with products designed specially for students traveling abroad for higher studies. The Company was acquired by Thomas Cook Group PLC from Dubai Financial Group in March 2008. Additional information on Thomas Cook (I) Limited is available on the Company website www.thomascook.in
About Thomas Cook Group plc
Thomas Cook Group plc was formed on 19 June 2007 following the merger of Thomas Cook AG and MyTravel Group plc. The new company is one of the world’s leading leisure travel groups with sales of around £9 billion (€12 billion), 19 million customers, 30,000 employees, a fleet of 97 aircraft, a network of over 3,000 owned or franchised travel stores and a number of hotels and resort properties. The Group operates in 17 source markets including: UK & Ireland; Germany, Austria, Belgium, France, the Netherlands, Poland, Hungary, Czech Republic, Sweden, Norway, Denmark, Finland, Canada, India and Egypt.
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