The board of Thomas Cook (India) Ltd (TCIL) has approved a corporate restructuring exercise aimed at streamlining its businesses into four key verticals.
The four verticals are Travel (outbound, domestic, business travel & MICE), Foreign Exchange, Destination Management Services & Portfolio Investments such as Sterling Holiday Resorts Ltd.
The restructuring also involves the consolidating of the human resource services business into Quess Corp. Pursuant to the composite scheme, TCIL shareholders will receive 1,889 equity shares of Quess (of ₹10 each) for every 10,000 equity shares (of ₹1 each) held in TCIL.
In a statement, Madhavan Menon, Chairman & Managing Director, TCIL, said: “This proposed restructuring with the realignment of the travel businesses of TCIL and consolidation of the human resource services business into Quess Corp, will simplify the Group structure, enabling both TCIL & Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth/opportunity point of view - for investors, management and teams.
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