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Thomas Cook India's retail investors will get a premium of 31 per cent (Rs 65.48 per share) over that offered to promoters (Rs 50).
On Monday, Fairbridge Capital (Mauritius) inked a deal to buy 76.81 per cent or 16.34 crore shares of the Thomas Cook Group's stake in its India operations for Rs 817.4 crore. Fairbridge is a subsidiary of Fairfax Financial Holdings.
Thomas Cook India said Fairbridge agreed to pay a cash equivalent of Rs 50 a share for the majority stake. This represents an 11 per cent premium to the market price immediately prior to announcement of the auction process, it said.
However, the price was at an 18.3 per cent discount to the closing price of Rs 61.20 of the company scrip on BSE on Monday.
On Tuesday, the acquirers made an open offer for 24.17 per cent or 5.209 crore equity shares at Rs 65.48 each, assuming eligible stock options would be fully exercised.
Of the 76.81 per stake sold to Fairbridge and persons acting in concert, TCIM sold 55.5 per cent or 11.81 crore shares.
Thomas Cook UK sold the remaining 21.31 per cent or 4.53 crore shares.
LICENCE
The Thomas Cook Group will grant Fairbridge licence over the Thomas Cook brand for 12.5 years in the countries in which Thomas Cook India operates. The disposal of India operations is part of the Group's plan to reduce debt.
As on December 31, 2011, Thomas Cook India's gross assets were Rs 932 crore and net assets Rs 292 crore. For the 12 months ended December 31, net profit was Rs 56.24 crore.
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