Thomas Cook (India) Buyback Review, Offer Details, Price, Dates, Size & more
Last Updated Date: Nov 17, 2022In this article, we will discuss about Thomas Cook (India) Limited Buyback offer, buyback price, buyback size, Thomas Cook (India) Buyback record date, company financial, buyback necessity and its impact on company.
To track the real time price of this Buyback, Click on this link – Thomas Cook Share Price
Thomas Cook (India) Limited Buyback Details
| Buyback Type | Tender Offer |
| Opening Date | [●] |
| Closing Date | [●] |
| Buyback Offer Amount | Rs.150,00,00,000 |
| Buyback No. of Shares | 2,60,86,956 |
| Face Value | Rs.1 |
| Date of Buyback Approval | February 26, 2020 |
| Date of Public Announcement | February 28, 2020 |
| Buy Back Price | Rs.57.50 |
| Buy Back Premium | 0.99% |
| Date of Board Meeting | February 26, 2020 |
Thomas Cook (India) Buyback Opening and Closing Date
The starting and closing date of this buyback is from [●] to [●].
Thomas Cook (India) Buyback Cash Offer
Cash Offer to Buy-back up to 2,60,86,956 fully paid-up equity shares of the Company of face value of Rs.1 each, representing 6.90% of the total number of equity shares.
Thomas Cook (India) Buyback Record Date
The decided record date is March 7, 2020.
Thomas Cook (India) Buyback Price
At a price of Rs.57.50 per Equity Share.
Thomas Cook (India) Buyback Size
At a buyback price of Rs.57.50 payable in cash for an aggregate maximum amount of Rs.150,00,00,000.
Thomas Cook (India) Limited Buyback Acceptance Query
You can check for Buyback Acceptance query here. Just click on the given link and it will redirect you to buyback acceptance query page.
Thomas Cook (India) Limited Buyback Acceptance Ratio
Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.
| Acceptance Ratio | Total Shares Accepted | Buyback Price | Buyback Amount | Profit | Profit% |
| 20% | 200 | 57.5 | 11500 | 2800 | 6.44% |
| 40% | 400 | 57.5 | 23000 | 5600 | 12.87% |
| 60% | 600 | 57.5 | 34500 | 8400 | 19.31% |
| 80% | 800 | 57.5 | 46000 | 11200 | 25.75% |
| 100% | 1000 | 57.5 | 57500 | 14000 | 32.18% |
Profit is calculated from March 7, 2020 share price i.e. Rs.43.5 per share of Thomas Cook (India) Limited.
According to the above table, if a shareowner applies for 1000 shares of Thomas Cook (India) limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.43.5 per share & receive Rs.2800 as profit amount & 6.44% profit percentage on selling these 200 shares back to the company.
Similarly, if the owner gets 60% acceptance of share from the company, the owner will sell 600 shares @ Rs.43.5 & receive a profit of Rs.8400 @ 19.31% profit percentage.
Thomas Cook (India) Limited Buyback Overview
The Company was incorporated as a private limited company under the Companies Act, 1956 as ‘Thomas Cook (India) Private Limited’ on October 21, 1978 and subsequently converted into a public limited company as ‘Thomas Cook (India) Limited’, and received a fresh certificate of incorporation to this effect on March 12, 1979.
The Company is a leading integrated travel and travel-related services company in India, offering a broad spectrum of facilities that include forex, corporate travel, meetings, incentives, conferences and exhibitions (MICE), leisure travel, visa and passport services and e-business.
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Company Finances – Thomas Cook (India) Limited
The brief audited consolidated financial information of the Company for the last three financial years and limited review financial information for the 6 months ended September 30, 2019 are provided below:
[In Rs. Lakhs]
| Particulars | For the period ended Sept 2019 (Limited Review) | 12 Months period ended March 31 (Audited) |
||
| 2019 | 2018 | 2017 | ||
| Total Income | 1,49,949.0 | 2,31,079.5 | 1,94,296.5 | 1,73,880.8 |
| Total Expenses (excluding Interest, depreciation) | 1,40,344.1 | 2,21,624.0 | 1,87,421.8 | 1,67,275.5 |
| Finance Cost | 2,102.5 | 3,751.7 | 4,632.7 | 5,386.2 |
| Depreciation | 1,393.5 | 1,749.3 | 1,836.5 | 1,762.3 |
| Profit before tax | 6,108.9 | 3,954.5 | 53,841.5 | (543.2) |
| Provision for tax (including Deferred Tax) |
2,226.8 | 1,307.6 | 698.7 | 292.6 |
| Profit /(Loss) after tax | 3,882.1 | 2,646.9 | 53,142.8 | (835.8) |
| Equity Share Capital | 3,709.1 | 3,707.3 | 3,702.1 | 3,667.6 |
| Reserves | 1,55,801.1 | 1,53,068.7 | 1,48,466.3 | 1,03,929.9 |
| Networth | 1,59,510.2 | 1,56,775.9 | 1,52,168.4 | 1,07,597.5 |
| Total Debt | 1,148.0 | 849.2 | 14,654.2 | 35,350.3 |
Thomas Cook (India) Limited Buyback Dates
| Date of Board Meeting approving the Buyback | February 26, 2020 |
| Date of publication of Public Announcement for Buyback | February 28, 2020 |
| Record Date for determining the Buyback Entitlement and the names of Eligible Shareholders | March 7, 2020 |
| Buyback Opening date | [●] |
| Buyback Closing date | [●] |
| Last Date of verification of Tender Forms by the Registrar | [●] |
| Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the Registrar | [●] |
| *Last date of Settlement of Bids on the BSE Limited | [●] |
| Last date of return of unaccepted Equity Shares by BSE Limited | [●] |
| *Last date of Extinguishment of Equity Shares | [●] |
Details of Public Announcement
The Public Announcement dated February 27, 2020 was published on February 28, 2020 in the following newspapers, in accordance with Regulation 7(i) of the Buyback Regulations, within two working days from the date of declaration of results of the Postal Ballot or special resolution:
| Publication | Language | Edition |
| Financial Express | English | All editions |
| Jansatta | Hindi | All editions |
| Mumbai Lakshadeep | Marathi | Marathi Edition |
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Necessity of Thomas Cook (India) Limited Buyback
The Company’s management strives to increase the Equity Shareholders’ value and the Buyback would result in the following benefits, amongst other things:
- The Buyback will help the Company to return cash to its shareholders holding Equity Shares broadly in proportion to their shareholding, thereby, enhancing the overall return for them;
- The Company believes that this reservation of 15% for Small Shareholders would benefit a large number of the Company’s public shareholders, who would be classified as Small Shareholders;
- The Buyback is generally expected to improve financial ratios like earnings per share, return on capital employed and return on equity, calculated on the basis of financial statements, by reduction in the equity base of the Company, thereby leading to long term increase in shareholders’ value;
- The Buyback gives the Eligible Shareholders an option to choose either (A) participate in the Buyback and receive cash in lieu of their Equity Shares which are accepted under the Buyback, or (B) not to participate in the Buyback and get a resultant increase in their percentage shareholding in the Company post the Buyback, without additional investment.
Impact of Thomas Cook (India) Limited Buyback on the Company
The Buyback is not likely to cause any material impact on the profitability/earnings of the Company except a reduction in the amount available for investment, which the Company could have otherwise deployed towards generating investment income/treasury income.
The Company believes that the Buyback will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations.
The Buyback will not result in a change in control or otherwise affect the existing management structure of the Company.
Salient financial parameters consequent to the Buyback based on the latest audited financial statement of the Company for the half year ended March 31, 2019 are as under:
| Parameters (based on audited standalone financial statements for year ended March 31, 2019) | Pre Buy-back | Post Buy-back (Assuming Full Acceptance) |
| Net worth (Rs in Lakhs) | 156,775.9 | 141,775.9 |
| Return on Net worth (%) | 1.7% | 1.9% |
| Earnings Per Share (Rs) | 0.7 | 0.77 |
| Book Value per Share (Rs) | 42.3 | 41.14 |
| Total Debt / Equity Ratio | 0.01 | 0.01 |
Basis of Calculating Thomas Cook (India) Buyback Price
The Equity Shares of the Company are proposed to be bought back at the Buyback Price, i.e., Rs. 57.50 (Rupees Fifty Seven and Paise Fifty Only) per Equity Share.
The Buyback Price of Rs. 57.50 (Rupees Fifty Seven and Paise Fifty Only) per Equity Share has been arrived at after considering various factors including, but not limited to, the trends in the volume weighted average prices of the equity shares of the Company on the Stock Exchanges, the net worth of the Company, price earnings ratio and impact on other financial parameters and the possible impact of Buyback on the key financial ratios including the earnings per Equity Share.
The Buyback Price represents
- Premium of 0.99% and 3.2% over the volume weighted average market price of the Equity Shares on BSE and NSE, respectivelyduring the two months preceding February 20, 2020
- Premium of 24.33% and 28.80% over the volume weighted average market price of the Equity Shares on BSE and NSE, respectively, during the two weeks preceding February 20, 2020
- A Premium of 39.90% and 39.39% over the closing market price of the Equity Shares on BSE and NSE, respectively, on the date preceding February 20, 2020
- Premium of 16.63% and 16.16% over the closing market price of the Equity Shares on BSE and NSE, respectively, on February 20, 2020
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Source of Funds for the Buyback
Assuming that the response to the Buyback is to the extent of 100% (full Acceptance), the funds that would be utilized by the Company for the purpose of the Buyback would be Rs. 150,00,00,000/- (Rupees One Hundred Fifty Crore Only) excluding Transaction Costs.
The Buyback would be financed out of free reserves (including securities premium account) and/or such other sources as may be permitted by law through “Tender Offer” process and as required by the SEBI Buyback Regulations and the Companies Act, and on such terms and conditions as the Board may deem fit.
The funds for the Buyback will be sourced from current balances of cash and cash equivalents and/or internal accruals of the Company. The Company does not intend to raise additional debt for the explicit purposes of the Buyback. Borrowed funds will not be used for the Buyback.
This Buyback is not likely to cause any material impact on the earnings of the Company, except for the cost of financing the Buyback, being a reduction in the investment income / treasury income that the Company could have otherwise earned on the funds deployed.
The Company shall transfer from its free reserves, a sum equal to the nominal value of the Equity Shares bought back to the capital redemption reserve account, and details of such transfer shall be disclosed in its subsequent audited financial statements. The funds borrowed, if any, from banks and financial institutions will not be used for the Buyback.
Thomas Cook (India) Limited – Manager to the Buyback
| Pioneer Investcorp Limited Address: 1218, Maker Chambers V, Nariman Point, Mumbai – 400021 Phone: +91-22-6618 6633 Fax: +91-22-2204 9195 Contact Person: Mr. Amit Chandra Email: project.seven@pinc.co.in Website: www.pinc.co.in SEBI Registration Number: INM000002988 Validity Period: Permanent CIN: L65990MH1984PLC031909 |
Thomas Cook (India) Limited – Registrar to the Buyback
|
TSR Darashaw Consultants Private Limited*
Address: 6, Haji Moosa Patrawala Industrial Estate, 20, Dr E Moses Road, Mahalaxmi, Mumbai – 400011 Phone: +91-22-6656 8484 Fax: +91-22-6656 8494 Contact Person: Ms. Mary George Email: thomascookbuyback2020@tsrdarashaw.com Website: www.tsrdarashaw.com SEBI Registration Number: INR000004009* , Validity Period: Permanent CIN: U74999MH2018PTC307859 |
Thomas Cook (India) Limited Contact Details
| Company Contact Details |
| THOMAS COOK (INDIA) LIMITED Registered Office: Thomas Cook Building, Dr. D. N. Road, Fort, Mumbai – 400 001, Maharashtra, India. Corporate Identification Number (CIN): L63040MH1978PLC020717 Contact Person: Mr. Amit J. Parekh, Company Secretary and Compliance Officer Phone: +91 +91-22-4242 7000; Fax: +91 +91-22-2302 2864; Email: sharedept@thomascook.in, Website: www.thomascook.in |
Thomas Cook (India) Limited Buyback News
News 1 – Buyback PDF / Draft Letter of Offer [Download]
News 2 – Thomas Cook (India) Ltd – Public Announcement
FAQs of Thomas Cook (India) Buyback
What is the Thomas Cook (India) Buyback Period?
Thomas Cook (India) Buyback Period is briefly the time interval starting from the date of declaration of results of the postal ballot through remote e-voting i.e. NA. The period basically ends on the date of payment of consideration to Eligible Shareholders who participated in the Buyback, i.e. NA.
What type of buyback is Thomas Cook (India) Buyback?
This company has chosen the route of Tender offer to repurchase the shares from the eligible shareholders. Tender offer route is one of the Two Routes generally chosen by the companies, i.e. Tender Offer and Open Market Through Stock Exchanges.
What is the Thomas Cook (India) Buyback Offer?
Thomas Cook (India) Buyback Offer refers to the number of shares the company plans to buy back from the eligible shareholders. Herein, the company proposes to buyback 2,60,86,956 Fully paid up Equity shares, adhering to the buyback price.
When Thomas Cook (India) Buyback offer will start?
As per the released schedule, the Thomas Cook (India) Buyback offer will start on NA. This is the opening date from when the Buyback will open for all shareholders. You will find the updated records of Thomas Cook (India) Buyback at all times, we ensure you have access to the right data.
When is the closing date of Thomas Cook (India) Buyback?
For ease in access to the dates and related aspects, we have segregated the closing date of Thomas Cook (India) Buyback. The buyback would close on NA. The closing date is the last day for which the Buyback shall be open for the shareholders.
What is the offer price for Thomas Cook (India) Buyback?
The amount at which the shares are taken back by the company is referred to as Thomas Cook (India) Buyback offer price. Herein, each and every fully Paid-up equity share is priced at Rs.150,00,00,000, the price paid to each eligible shareholder.
What is the record date for Thomas Cook (India) Buyback offer?
Record date of Thomas Cook (India) Buyback is March 7, 2020. Record date is generally the day when eligible shareholders are declared. Furthermore, complying with Buyback regulations, letter of offer and Tender form is sent to the eligible shareholders.
What is the issue size of Thomas Cook (India) Buyback?
Thomas Cook (India) Buyback Size is Rs.150,00,00,000 and is the total worth of Equity Shares the company plans on taking back. This amount is obtained from the total number of equity shares, multiplied by the Buyback price.
What is the necessity for Thomas Cook (India) Buyback?
Objective of the Thomas Cook (India) Buyback is to enhance the total return made by equity shareholders. Herein, the excess funds are given to the equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans. Through buyback, the company will distribute the surplus cash to shareholders as per their holding proportion.
Who is the Registrar to Thomas Cook (India) Buyback offer?
The designated registrar of Thomas Cook (India) Buyback is TSR Darashaw Consultants Private Limited. You can find all the details related to the registrar in this report and contact them if you have any queries. You can check the details of the registrar, contact person, email address and more.
Who is the Manager to the Thomas Cook (India) Buyback offer?
Manager to the Thomas Cook (India) Buyback is Pioneer Investcorp Limited. Manager basically ensures that the company following up buyback strictly adheres to and in conformity with the provisions of the Companies Act and Buyback Regulations.
How to check Thomas Cook (India) buyback acceptance ratio?
Acceptance ratio is basically the proportion of shares the company accepts, to the final number of shares tendered. It refers to how much the company would buyback and how profitable it would be for you. You can also check how much profit (%) you will earn. Click on the link and check on the website page.
Where to find Thomas Cook (India) Buyback Dates / Events?
You can check the table for the list of events, as designed for the buyback. This article is your one and final destination to check all the Thomas Cook (India) Buyback information. You will encounter a section exclusively set to record the dates, in this article, referred to as Thomas Cook (India) Buyback Dates.
What can be the Impact of Thomas Cook (India) Buyback on the Company?
The Buyback will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations. The Buyback is expected to contribute to the overall enhancement of shareholder value and result in an increase in the return on equity of the Company. This Buyback is being undertaken, inter alia, for helping the Company to return surplus cash to the Eligible Shareholders broadly in proportion to their shareholding.
Where to find complete details on Thomas Cook (India) Buyback?
As mentioned already, this page would give you every single detail about this buyback. Also, you find the link to download the Draft / Letter of Offer. Each and every section is vividly and carefully placed, giving you insights into all major as well as minor aspects of the ratio. The article is also inclusive of all the links.
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