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Mumbai, <keyword id="87184" type="DOMAIN" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword> (<keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>) plans to raise up to ₹450 crore through preferential issue of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) to Fairbridge Capital (Mauritius) Limited to the promoter of the company In a regulatory filing the company has said that the "<keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> of the company, at its meeting held today, has, <keyword id="6370698" type="DOMAIN" weightage="20" keywordseo="Inter">inter</keyword> alia, approved the <keyword id="47958" type="PERSON" weightage="20" keywordseo="issuance">issuance</keyword> of up to 45,00,00,000 Optionally Convertible Cumulative Redeemable Preference Shares of face value of ₹10 each to Fairbridge Capital (Mauritius) Limited, the promoter of the company, through private placement on a preferential basis aggregating upto ₹450 crore." The issuance would however be subject to the approval of regulatory or statutory authorities including the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and the shareholders of the company at the forthcoming Extraordinary General Meeting. Further, it said that as a result of the proposed issue, the board approved the increase in the authorised preference share capital from ₹250 crore to ₹500 crore and consequential changes to the Capital Clause of the Memorandum of Association of the company. For the purpose of giving effect to the above issuance of OCCRPS, the board has authorised a committee to decide on various matters related to issuance of such OCCRPS. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a> <a href="https://www.businessinsider.in/tech/news/india-may-require-twitter-facebook-and-others-to-remove-unlawful-content-within-36-hours/articleshow/81104740.cms">India may require Twitter, Facebook and others to remove unlawful content within 36 hours</a>

Thomas Cook India plans to raise up to ₹450 crore via preferential issue

New Delhi, Nov 25 () Travel services firm Thomas Cook India on Monday said its corporate restructuring process has been completed after receiving approvals from the NCLT Mumbai and Bengaluru.
 "...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective today," the company said in a filing to the BSE.
 The appointed date, from which the scheme will take effect, is April 1 next year, it added.
 "Post approval of NCLT Mumbai and Bengaluru on Oct 10, 2019, and Nov 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis," said Thomas Cook (India) Chairman and Managing Director Madhavan Menon.
 With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams," he added.
 The board also took on record the amalgamation of residual Travel Corporation (India) Ltd, TC Travel Services Ltd and TC Forex Services Ltd with the company with effect from Monday, Thomas Cook India said.
 Shares of Thomas Cook India Ltd closed at Rs 153.10 per scrip on the BSE, up 1.69 per cent from its previous close. AKT HRS

Thomas Cook India completes corporate restructuring

<ul><li><keyword id="87184" type="COMPANY" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword> reported a consolidated revenue growth of 6% to ₹17 billion from ₹16 billion.</li><li>Its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion.</li></ul><keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword>’s second quarter consolidated revenue and profits grew, but its standalone revenue from operations fell. The company’s consolidated revenues grew by 6% to ₹17 billion from ₹16 billion in the same quarter last year. However, its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion. Its travel services were hit due to multiple reasons. “This has been a challenging quarter for the travel industry with the collapse of <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> leading to a surge in airfares, as well as the negative impact on customers and to the entire Indian travel industry caused by the closure of Cox &amp; Kings,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The company’s business faced many global headwinds too. “The geopolitical unrest in Hong Kong and the Middle East, haze and heat in parts of South East Asia etc. impacted parts of our outbound and DMS businesses. Also, being a fairly recent event - we continue to monitor the impact at a retail level, of the closure of Thomas Cook UK,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The iconic British travel company Thomas Cook shocked travellers around the world as it declared bankruptcy in September. However, Thomas Cook India is a completely separate entity from Thomas Cook UK, as it was acquired by Canada-based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa. It had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited.

Thomas Cook India’s business is hit by bankruptcies, political unrest and heat waves

<ul><li>Globally, <keyword id="70855" type="COMPANY" weightage="20" keywordseo="Travellers">travellers</keyword> with <keyword id="899721" type="PERSON" weightage="20" keywordseo="Thomas-Cook-UK">Thomas Cook UK</keyword> are stranded as the company declared bankruptcy.</li><li>However, <keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword> is a separate entity from Thomas Cook UK after it was acquired by Prem Watsa’s Fairfax Financial Holdings in 2012.</li><li>The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019.</li></ul>The iconic British travel company Thomas Cook has shocked travellers around the world as it declared bankruptcy today. But Indian travellers with bookings from Thomas Cook India need not worry at all. Here’s why – Thomas Cook India is a completely separate entity from Thomas Cook UK, after it was acquired by Canada based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa, and had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited. “We believe that it is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth,” said Madhavan Menon, Chairman &amp; Managing Director, Thomas Cook (India). The Indian entity has released its financial report to ensure travellers of its safety from all the financial crisis. “The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019. On a standalone basis, Thomas Cook India is debt-free upon pre-payment of ₹670 million debenture obligations ahead of schedule,” said the company’s statement. Thomas Cook UK left the travellers in for a rude shock, as it collapsed and declared bankruptcy. As many as 600,000 travellers across the world, stranded. One of the world’s oldest travel booking firms, Thomas Cook UK was struggling to get an additional $249 million in emergency funding on Sunday, which failed leading to the crisis.

Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

New Delhi, Feb 28 () Travel services provider Thomas Cook India on Friday said its board has approved a share buyback programme for a total consideration of up to Rs 150 crore. The board of directors of the company at its meeting held on Friday approved buyback of around 2.60 crore fully paid up equity shares of Re 1 each at a price of Rs 57.5 per share, Thomas Cook India said in a regulatory filing. The number of equity shares proposed to be bought back represent 6.9 per cent of total paid up equity capital of the company as on December 31, 2019, it added. The company has set March 7 as the record date and all those who hold equity shares as on the record date shall be eligible for the buyback, it said. RKL ABM

Thomas Cook India board approves Rs 150 cr share buyback

New Delhi, Feb 20 () Shares of Thomas Cook (India) were locked in the upper circuit on Thursday ahead of a meeting to consider and approve proposal for buyback of equity shares of the company. The stock opened on a positive note at Rs 44 and gained momentum to hit its upper circuit at Rs 49.30, up 19.95 per cent over previous close. On the NSE, the stock zoomed 20 per cent (its upper price band) to Rs 49.50. Earlier in the day, the company informed the exchanges that "a meeting of the board of directors is scheduled to be held on Wednesday, 26th February, 2020... to inter alia, consider and approve proposal for buyback of equity shares of the company," Thomas Cook (India) said in a BSE filing. RUJ ANSANS

Thomas Cook (India) shares hit upper circuit on share buyback buzz

<ul><li>Policybazaar has raised $150 million from <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword>. </li><li>The investment is a secondary transaction with <keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword> exiting partially. </li><li>Policybazaar’s valuation now stands at $1.5 billion. </li></ul>Chinese investment giant Tencent has bought a 10% stake in one of India’s largest online insurance selling platform⁠ Policybazaar. The Tencent investment comes in as a secondary transaction, with Tiger Global exiting partially, a source confirmed to Business Insider. According to <a href="https://www.thenewsminute.com/article/tencent-buys-10-stake-policybazaar-15-billion-112104">reports</a>, Tencent has pumped in $150 million for the stake in the startup. With this, Policybazaar’s valuation now stands at $1.5 billion. With this funding, Policybazaar will continue to grow in the insurtech sector while its subsidiary company Paisabazaar too continues to do well, said the source. According to <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-industry-to-touch-280-billion-by-fy20-assocham/articleshow/65740339.cms">reports</a>, the Indian insurance industry is set to grow to $280 million by 2019-20. Launched in 2008, Policybazaar is also backed by other investors like Softbank, Infoedge etc. Earlier this year, the Yashish Dahiya-led startup also fell in trouble with the Insurance Regulatory and Development Authority of India. The IRDAI had <a href="https://www.livemint.com/money/personal-finance/insurance-regulator-fines-policybazaar-rs-1-11-crore-for-violating-rules-1567076147163.html">slapped a fine</a> of ₹1.11 crores on the startup for multiple violations, including being found guilty of misleading advertisements for vehicle insurance in India. See also: <a href="https://www.businessinsider.in/business/news/thomas-cook-indias-travel-business-is-hit-by-the-closure-of-jet-airways-cox-kings-and-more/articleshow/71964971.cms">Thomas Cook India’s business is hit by bankruptcies, political unrest and heat wave</a>s

Tencent joins Softbank as investor in one of India’s largest online insurance selling platform⁠ Policybazaar.com as Tiger Global sells part stake

<ul><li>'<keyword id="1421631" type="PERSON" weightage="20" keywordseo="Election-tourism">Election Tourism</keyword>' in India isn't only about foreigners watching the world's largest democratic exercise but also increasing the voter turnout. </li><li><keyword id="87184" type="COMPANY" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword>'s new 'Ghar Jao Vote Karo' campaign offers discounts to people who want to travel home in order to vote. </li><li>The company is also offering further discounts post-election if customers show their inked fingers at one of the outlets. </li></ul>The upcoming general elections in India are the world's largest democratic exercise, so it's warranted that the world wants to watch. The niche of '<a href="https://electiontourismindia.com/about.html">Election Tourism</a>' isn't just about bringing the world to India but also about making sure that people get home in time to vote. Since India is divided into many states, the incidence of urban migration also means that a lot of people live in the state where they're not registered to vote since India doesn't allow citizens to vote remotely. Thomas Cook's new 'Ghar Jao Vote Karo' sees this as an <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/election-tourism-is-here-as-foreigners-get-to-experience-indias-biggest-festival-of-democracy/articleshow/68546075.cms?from=mdr">opportunity</a> to tap into India's vote bank before the summer vacation kicks in. In fact, in 2015, only 66.4% of eligible voters actually turned up to vote, according to the Election Commission of India (ECI). Customers can get a discount of up to ₹1,000 on their flight tickets as long they can prove that they're going home to vote. And since it is right before India's largest vacation season, the company is offering more discounts on their domestic and international group tours if customers show their inked finger — proof that they've voted — at any of Thomas Cook's retail outlets. Thomas Cook's data shows that most customers will probably end up extending their stay at home since a lot of the polling dates fall on Mondays or Thursdays. It's what the company calls a 'smart weekend holiday'. World participation in the Indian elections On the one hand, travel agencies are offering special discounts for domestic travel during the election season and, on the other hand, tour operators are launching special packages to reign in foreign tourists. India's 'election tourism' follows from the already prevalent concept of 'poll tourism' in Mexico. Manish Sharma, the founder of Akshar Travels, first launched the project during the assembly polls in 2012 before a full-fledged roll out before the 2014 election where nearly 1,800 foreign tourists wanted to watch India's election process. Now, nearly 20 tour operators are participating in India's election tourism with packages that range from ₹40,000 for six days to ₹150,000 for two weeks. Hitank Shah, a national committee member of Travel Agents Federation of India (TAFI) <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/election-tourism-is-here-as-foreigners-get-to-experience-indias-biggest-festival-of-democracy/articleshow/68546075.cms?from=mdr">told</a> the Economic Times, that most of the tourists that visit India from other countries during the election season are young professionals and students who are curious to know how the Indian elections unfold. See also: <a href="https://www.businessinsider.in/indias-supreme-court-order-on-vvpat-adds-pressure-on-election-commission/articleshow/68776872.cms">India's Supreme Court orders five-fold increase in vote audits putting Election Commission under pressure to prepare</a> <a href="https://www.businessinsider.in/facebook-ai-wipes-1-million-accounts-ahead-of-lok-sabha-election/articleshow/68778975.cms">Facebook's AI is deleting one million accounts every day as the Indian election heats up</a> <a href="https://www.businessinsider.in/election-2019-bjp-manifesto-promises-200-billion-to-startups/articleshow/68779110.cms">BJP promises ₹200 billion for startups now even as an existing fund remains mostly unused</a>

Thomas Cook taps in to India’s vote bank to boost travel

New Delhi, Jan 30 () Travel services provider Thomas Cook (India) on Thursday reported an 18.88 per cent decline in consolidated net profit at Rs 9.97 crore for the third quarter ended December 31, 2019.
 The company had posted a consolidated net profit of Rs 12.29 crore in the same period last fiscal, Thomas Cook (India) said in a regulatory filing.
 Total income from operations stood at Rs 1,758.88 crore, as compared to Rs 1,569.36 crore in the year-ago quarter, it added.
 Thomas Cook (India) Chairman and Managing Director Madhavan Menon said given the challenging market conditions that were prevalent throughout 2019, the group delivered a strong performance.
 "We continue our focus on sustainability and profitability with initiatives focused on margin and cost management," he said.
 During the quarter, overall subdued demand and continued headwinds in aviation sector impacted travel segment across outbound, inbound and domestic sectors, the company said.
 These included continued capacity shortages and inflationary impact on airfares post closure of Jet Airways as well as significant trust deficit among customers post shutdown of Cox &amp; Kings, it added.
 "Domestic travel too saw disruption due to the CAA protests, with resultant advisories affecting inbound travel," it said, adding Australia's bush fires also impacted demand for the quarter -- peak travel season for the destination.
 The company further said, "Continued civil protests in Hong Kong impacted economic activity including travel plans."
 Looking ahead, Menon said "despite the geopolitical tensions and natural calamities unfolding including the Corona Virus outbreak etc., we are cautiously optimistic and look to end the financial year on a strong note." RKL ABM

Thomas Cook India Q3 net down 18.88 pc at Rs 9.97 crore

New Delhi, Feb 26 () Thomas Cook (India) on Wednesday said its board has approved buyback of up to 26,086,956 fully paid up shares at a price of Rs 57.50 per share for a maximum aggregate amount of Rs 150 crore. The buyback price per share of Rs 57.50 is at a premium of 40 per cent over the closing market price of the shares as on the date immediately preceding the date of the intimation of the board meeting, Thomas Cook (India) said in a regulatory filing. The buyback record date has been fixed as March 7, 2020 and the transaction will be entirely funded by internal accruals, it added. "The buyback scheme is primarily intended to increase shareholder value as the income arising to the shareholder on account of buyback of shares is exempt from tax," Thomas Cook (India) Ltd Chairman &amp; Managing Director Madhavan Menon said. The buyback will signal confidence to company's shareholders and unlock the underlying value of the diversified Thomas Cook India Group, he added. "The combined impact of a sluggish economy and difficult trading conditions due to the prolonged direct impact of the coronavirus have resulted in slowing demand across our businesses. Given that this coincides with the peak booking season for the summer vacations, we anticipate a cascading negative impact on our results," Menon noted. That said, the company is confident that its strong fundamentals and financial position will see it through the current challenging environment, he added. "We are focussed on taking all necessary measures to ensure our sustainability and long term growth," Menon said. Thomas Cook (India) shares on Wednesday ended 9.96 per cent down at Rs 50.20 apiece on the BSE. MSS SHWSHW

Thomas Cook board approves Rs 150 cr buyback scheme

New Delhi, Nov 26 () Travel services firm Thomas Cook India shares on Tuesday zoomed 11 per cent after the company said its corporate restructuring process has been completed after receiving approvals from the NCLT Mumbai and Bengaluru.
Shares of the company jumped 10.48 per cent to Rs 169.15 on the BSE.
At NSE, it advanced 11 per cent to Rs 170.
"...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective," the company said in a BSE filing.
The appointed date, from which the scheme will take effect, is April 1 next year, it added.
"Post approval of NCLT Mumbai and Bengaluru on October 10, 2019, and November 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis," said Thomas Cook (India) Chairman and Managing Director Madhavan Menon.
With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams," he added. SUM
BAL

Thomas Cook shares zoom 11 pc after corporate restructuring

New Delhi, Nov 26 () Travel services firm Thomas Cook India gave up early gains and closed the day 1.5 per cent lower on Tuesday, mainly due to profit-booking.
 After surging 10.48 per cent to Rs 169.15 in intra-day trade on the BSE, the scrip pared all its morning gains and closed at Rs 151.95, down 0.75 per cent.
 At the NSE, it declined 1.56 per cent to close at Rs 150.70. During the day, it had gained 11 per cent to Rs 170.
 The company on Monday said its corporate restructuring process has been completed after receiving approvals from NCLT Mumbai and Bengaluru.
 "...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective," the company said in a BSE filing.
 The appointed date, from which the scheme will take effect, is April 1 next year, it added.
 "Post approval of NCLT Mumbai and Bengaluru on October 10, 2019, and November 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis," Thomas Cook (India) Chairman and Managing Director Madhavan Menon said.
 With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams," he added. SUM 
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Thomas Cook India plans to raise up to ₹450 crore via preferential issue

IANS

Thomas Cook India completes corporate restructuring

PTI

Thomas Cook India’s business is hit by bankruptcies, political unrest and heat waves

Sanchita Dash

Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

Sanchita Dash

Thomas Cook India board approves Rs 150 cr share buyback

PTI

Thomas Cook (India) shares hit upper circuit on share buyback buzz

PTI

Tencent joins Softbank as investor in one of India’s largest online insurance selling platform⁠ Policybazaar.com as Tiger Global sells part stake

Sanchita Dash

Thomas Cook taps in to India’s vote bank to boost travel

Prabhjote Gill

Thomas Cook India Q3 net down 18.88 pc at Rs 9.97 crore

PTI

Thomas Cook board approves Rs 150 cr buyback scheme

PTI

Thomas Cook shares zoom 11 pc after corporate restructuring

PTI

Thomas Cook pares early gains; closes 1.5 pc lower

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