Travel services firm Thomas Cook India today said its board has alloted over three crore shares under the Institutional Placement Programme (IPP), thereby diluting the stake held by its promoters to 75 per cent to meet market regulator Sebi's norms of 25 per cent minimum public shareholding.
"The IPP committee of the board of directors of the company has by way of a resolution dated May 7, 2013, allotted 34,379,606 equity shares of Re 1 each by way of an IPP under Chapter Vlll-A of the Securities and Exchange Board of India Regulations, 2009, as amended," the company said in a filing to BSE.
This is in compliance with the conditions prescribed by SEBI vide its letters dated March 8, 2013 and April 15, 2013 respectively, it added.
"Upon issue and allotment of equity shares under the IPP, the promoter, Fairbridge Capital (Mauritius) Ltd's shareholding in Thomas Cook (India) Ltd has reduced from 87.1 per cent to 75 per cent in line with Clause 40A(ii)(d) of the Equity Listing Agreement," the company said.
On May 4, the company had said a clearing price of the share issue was fixed at Rs 53.50 per share.
As per the norms stipulated by Sebi, privately promoted companies are expected to have public shareholding at 25 percent by June 2013.
Shares of Thomas Cook India today traded at Rs 53.50 per scrip on the Bombay Stock Exchange, down 0.09 per cent from their previous close.
The company currently operates in over 101 cities across over 253 locations (including 27 airport counters).