Thomas Cook to buy Travel Corp for Rs 182cr
The board of directors of Thomas Cook India, which met today, approved a proposal to invest up to Rs 182.45 crore for buying all the shares of Travel Corporation (India).
According to a release issued by Thomas Cook India to the BSE today, the board approved the acquisition of 15,76,692 shares of TCI at a price not exceeding Rs 1,157.17 per share.
"TCI is, inter alia, in the business of travel management, tour and leisure services, both inbound and outbound, and the acquisition would expand the company’s market share, provide synergistic benefits, enhance buying power, extend product portfolio and offer better customer service," the release added.
Thomas Cook India will also invest Rs 16.91 crore to acquire 76% share of TT Enterprises (TTEPL) at Rs 130.98 per share. "TTEPL is engaged in the business of visa facilitation services, cargo services and foreign exchange services," the release added.
An EGM of the shareholders of Thomas Cook India will be held on December 26, 2006 to approve the above proposals, the release added.
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