Thomas Cook wants to obtain 26.09 percent stake of IFCI

Published on : Tuesday, September 5, 2017

Thomas CookRecently, two people associated with the proposed plan confirmed that Thomas Cook is very keen to buy 26.09 percent stake of IFCI Ltd, in Tourism Finance Corp. of India Ltd or TFCI.

The Tourism Finance Corp offers financial assistance to enterprises in developing and promoting projects, facilities and services which are tourism based. It all started functioning in the year 1989. The IFCI board, in the month of May, finalized a proposal to put up for sale its entire stake in TFCI.

To quote someone who requested to maintain anonymity as he doesn’t have the authority to speak to the media, “the stake sale process has seen interest from a few buyers. Thomas Cook is one of the interested parties. The talks are on, but could be awhile before anything is concluded.”

The stake sale, in the market price of the current scenario, will earn IFCI approximately Rs.250 crore. TFCI’s shares on Monday closed at Rs.120.40 on the BSE, declined to 2.15%, valuing the company at Rs971.83 crore.

A spokesperson however refused to talk on this issue. “We do not comment on rumours and unsubstantiated reports,” said a spokesperson for Thomas Cook (India). The TFCI’s stake sale is portion of the broader asset -monetization plan of IFCI.


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