Fairbridge raises $34m through Thomas Cook India offering
Fairbridge Capital, a subsidiary of Canada's Fairfax Financial Holdings, has reduced its stake in Thomas Cook India from 87.1% down to 75% via an institutional placement program (IPP), which closed on May 8.
The firm raised INR1.85 billion ($34.4 million) from the oversubscribed issue of up to 34.3 million equity shares, priced at INR50.50-53.50 apiece. Shares in Thomas Cook India closed at INR53.35 yesterday.
Harsha Raghavan, head of Fairbridge, told AVCJ that the proceeds will be used for the acquisition of an Indian HR company, Ikya Human Solutions, in which it bought a 74% stake for INR2.5 billion in February this year.
The IPP also helped Fairbridge meet listing norms, which require at least 25% of shares to be in a public float.
Fairbridge bought a 77% stake in Thomas Cook India for INR8.17 billion in May 2012, after fighting off competition from KKR, The Carlyle Group, Everstone Capital, Actis, TA Associates and foreign exchange specialist Travelex.
The company made a profit of INR504.3 million for the year ended December 2012, down from INR562.3 million in 2011.
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