Mumbai: UK-based Thomas Cook Group Plc has made an open offer to the shareholders of Thomas Cook (India) for acquiring 20 per cent stake in the domestic travel firm for about Rs 351 crore.

Thomas Cook UK has made an offer to acquire 32,795,996 equity shares representing around 20.4 per cent of the current voting capital of Thomas Cook India Ltd (TCIL) for Rs 107 per share, TCIL said in a filing to the Bombay Stock Exchange.

The offer would open on April 22 and would close on May 12, it added. Shares of the company reacted positively to the news as it shot up by nearly five per cent from its previous close and hit its upper circuit limit of Rs 92.90 on the BSE.

Earlier on March 7,TCIL had said that the UK-based firm would acquire a majority stake in Thomas Cook India and would also repurchase its Egypt business and brand licences in 15 Middle East countries from Dubai Financial Group (DFG) for a total consideration of up to 249 million euros (over Rs 1,555 crore).

Further, in a private transaction with DFG, Thomas Cook would acquire 54.9 per cent shares at Rs 107 a share and would give an open offer for a further 20 per cent at the same price, TCIL had added.

In a bid to strengthen its brand value across the world, the UK-based group is repurchasing Thomas Cook's brand business, earlier licensed to Dubai Financial Group, in Egypt and the rights to the Thomas Cook brand across 15 Middle East countries for a consideration of 35 million euros (over Rs 218 crore).

This transactions (except the open offer) are expected to close by this month end.
Source : PTI