Mumbai: Thomas Cook (India) plans to raise up to Rs 450 crore through preferential issue of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) to Fairbridge Capital (Mauritius) Limited to the promoter of the company.
In a regulatory filing the company has said that the "Board of Directors of the company, at its meeting held today, has, inter alia, approved the issuance of up to 45,00,00,000 Optionally Convertible Cumulative Redeemable Preference Shares of face value of Rs 10 each to Fairbridge Capital (Mauritius) Limited, the promoter of the company, through private placement on a preferential basis aggregating upto Rs 450 crore."
The issuance would however be subject to the approval of regulatory or statutory authorities including the Reserve Bank of India and the shareholders of the company at the forthcoming Extraordinary General Meeting.
Further, it said that as a result of the proposed issue, the board approved the increase in the authorised preference share capital from Rs 250 crore to Rs 500 crore and consequential changes to the Capital Clause of the Memorandum of Association of the company.
For the purpose of giving effect to the above issuance of OCCRPS, the board has authorised a committee to decide on various matters related to issuance of such OCCRPS.