Thomas Cook Insurance Services (India) (TCISIL) has purchased 11,863,334 paid-up equity shares of Sterling Holiday Resorts (India) (SHRIL) at Rs 98 per share in an off-market transaction on September 3 and September 5, 2014. Pursuant to purchase, TCISIL now holds approximately 53.48% of SHRIL. Thus, SHRIL has now become a subsidiary of TCISIL.
TCISIL is a wholly-owned subsidiary of Thomas Cook (India) (TCIL). Another subsidiary of TCIL, Travel Corporation (India) (TCI) owns approximately 1.67% of the paid-up equity of SHRIL. The Thomas Cook India group now holds approximately 55.14% of the paid-up equity share capital of SHRIL.
Sterling Holiday Resorts is in the business of developing and running holiday resorts, hotel, restaurants etc. It has holiday resorts at various cities including Kodaikanal, Goa, Manali, Munnar, Puri, Darjeeling, Lonavala, Gangtok etc.
