UK-based travel services provider Thomas Cook Group plc will sell for Rs 817.4 crore (Rs 8.17 billion) its entire 77 per cent holding in the Indian arm to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings.
This will trigger an open offer under SEBI norms and TCIL will seek to buy up to 26 per cent in Sterling for Rs 230 crore.
Over the last few days, as the fortunes of Thomas Cook Plc took a wrong turn, the Indian entity scrambled to distance itself from its erstwhile parent. Experts have said that the travel firm must not change its brand name.
Fairfax Financial Holdings made three investments in a month
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