· In March 2021, FCML injected capital of USD 60 Mn. to assist TCIL with the disruption to its business that resulted from the global pandemic
· Now that TCIL’s business has fully recovered, as is reflected in its financial performance, the Offer for Sale has resulted in the return of USD 67.2 Mn.* to FCML
· FCML continues to be the majority shareholder and promoter of the TCIL Group and holds 300.3 Mn. shares – which is higher than the number of shares it held prior to the funds injected in March 2021 (248.2 Mn. shares), while increasing the floating stock available to minority shareholders
Commenting on the completion of the Offer for Sale, Mr. Prem Watsa – Chairman & CEO of Fairfax Financial Holdings Limited said:
Thomas Cook India has been an important member of the Fairfax family since 2012 and we remain committed to maintaining our position as the majority shareholder and promoter of the company. The recovery of the business post the global pandemic is in line with the Tourism & Hospitality industry globally. I am confident that the company will continue to benefit from the India growth story and the rebound of the Tourism & Hospitality industry worldwide.
(*Based on the exchange rate of Rs 83 to USD 1)