The Hindu Business Line : Thomas Cook declares LKP Forex swap ratio

MR UDAYAN BOSE (left), Chairman, Thomas Cook (India) Ltd (TCIL), and Mr Mahendra V. Doshi, Chairman, LKP Group, at a press conference in Mumbai on Thursday. - Shashi Ashiwal

Mumbai , Aug 10

Thomas Cook (India) Ltd has declared the share swap ratio for the LKP Forex merger.

The swap ratio has been decided at 11:20 (11 shares of TCIL for 20 shares of LKP) for equity shares and 38:1 (38 shares of TCIL for one share of LKP) for preference shares.

LKP Forex is a subsidiary of LKP Merchant Financing Ltd, the holding company of the LKP Group.

Thai Acquisition

Thomas Cook has also announced the proposed acquisition of Thomas Cook Thailand Ltd (TCTL).

The company will acquire TCTL's inbound business, including all businesses of financial services, leisure outbound, inbound, travel management and travel insurance, for a consideration of 2.5 million euros and an annual royalty.

"These acquisitions complement our ongoing aggressive growth plans by both organic and inorganic routes. The deal is in consonance with the objectives of Dubai Financial LLC and the Dubai Investment Group," said a release quoting Mr Udayan Bose, Chairman of Thomas Cook.

With the merger of LKP Forex, Thomas Cook will have a combined turnover of Rs 13,000 crore and 2,000 employees.

The company expects to get approval for merger (from the Bombay High Court) by December 2006.

More Stories on : Mergers & Acquisitions | Financial Services

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page