Thomas Cook Invests ₹6 Lakh in Subsidiary Indian Horizon Marketing Services

On August 5, 2024, Thomas Cook (India) Limited announced that it has decided to invest an additional ₹6,00,000 in its wholly-owned subsidiary, Indian Horizon Marketing Services Limited. This investment was made through a rights issue, allocating 60,000 fully paid-up equity shares at ₹10 each.

This investment is classified as a related party transaction, as the Company holds shares in the subsidiary and has an interest in the transaction due to its shareholding. The Company’s interest in the investment is solely based on its shareholding in Indian Horizon Marketing Services Limited. This transaction was conducted at an arm’s length.

Purpose and Impact of Acquisition

The investment is intended for the subsidiary’s general corporate purposes and does not involve a business line outside the listed entity’s primary operations.

Nature of Consideration

The investment in Indian Horizon Marketing Services Limited amounted to ₹6,00,000, made by subscribing to 60,000 fully paid-up equity shares issued at par. The total cost of acquisition is ₹6,00,000, which corresponds to 60,000 equity shares at a rate of ₹10 each.

Percentage of Shareholding Acquired

Before the rights issue, Thomas Cook (India) Limited held a 100% shareholding in Indian Horizon Marketing Services Limited. Following the acquisition of 60,000 additional equity shares through the rights issue, the shareholding remains at 100%.

About Indian Horizon Marketing Services Limited

Indian Horizon Marketing Services Limited is a non-material wholly owned subsidiary incorporated on December 26, 1989. It operates in the Travel-Related Services industry. Before the rights issue, its paid-up capital was 50,000 equity shares of ₹10 each (fully paid). After the rights issue, the capital increased to 1,10,000 equity shares of ₹10 each (fully paid).

About Thomas Cook (India) Ltd

Thomas Cook offers a wide range of services, including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Visa & Passport services, and E-Business. Established in India in 1881, the company operates across 25 countries on 5 continents with a team of over 8,388 employees. It manages 19 brands, such as SITA, TCI, and Distant Frontiers.

On August 06, 2024, Thomas Cook (India) Ltd’s share price opened at ₹222.75, touching the day’s high at ₹225.90 at 10:56 AM on the NSE.

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