Thomas Cook India sale proceeds as planned - TTG Asia - Leader in Hotel, Airlines, Tourism and Travel Trade News
 
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Thomas Cook India sale proceeds as planned
Shekhar Niyogi, Kolkata, April 3, 2012
 

THOMAS Cook Group, which put its 77.1 per cent stake in Thomas Cook India up for sale in February, has received several offers from companies ranging from conglomerates and private equity firms to travel agencies.

 

Credit Suisse Group, entrusted with conducting the sale, has shortlisted five of the nine offers received so far, which were in the range of Rs50-60 (US$0.99-1.18) per share. Thomas Cook India shares are currently hovering around the Rs65 mark.

 

Tata Group, an Indian multinational conglomerate headquartered in Mumbai, has offered to buy the stake through its finance arm, Tata Capital.

 

Other expressions of interest are from private equity companies such as Kohlberg, Kravis Roberts, Fairbridge Capital and Carlyle, foreign exchange business Travelex, and the Japan Travel Bureau.

 

Fresh bids have been invited from those already short-listed, and are to be submitted by mid-April, after which the best offer will be chosen.

 

The sale is expected to be completed by June 2012.

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