Thomas Cook Ltd. (Thomas Cook (India) Limited) (BSE:500413) on November 29, 2023 said that its promoter Fairbridge Capital (Mauritius) Limited has proposed to sell up to 8.5% stake in the company through an offer for sale. The promoter proposes to sell up to 32,000,000 shares in Thomas Cook and has set the floor price for the same at INR 125/share. The floor price is at a steep discount of 21% to the current market price.

On November 29, 2023, shares of Thomas Cook ended 4.5% lower on the National Stock Exchange at INR 158.40. The proposed sale of up to 32,000,000 shares is the base offer size and represents a 6.8% stake in the company. In case of oversubscription, Fairbridge Capital plans to offer an additional 8,000,000 shares in Thomas Cook, representing a 1.7% stake.

As of September end, Fairbridge Capital held a 72.34% stake in the travel services provider. The OFS will open for subscription for institutional investors on November 30, 2023, and for retail investors on December 1, 2023. Institutional investors can indicate their willingness to carry forward their unallotted bids for allocation on December 1, 2023.