Thomas Cook announces Rs 200 cr rights issue

{image-thomas cook india limited1_27082008.jpg news.oneindia.in}Mumbai, Aug 27: Thomas Cook (India) Limited (TCIL), a leading travel and financial services provider in the country, on Wednesday, Aug 27 announced Rs 200 crore rights issue. The proceeds would be used for redemption of the preference shares of Rs 10.5 crore and redemption premium of Rs 10.5 crore and the balance funds would be utilized for working capital, the company said in a release here.

Commenting on the issue, company's Managing Director Madhavan Menon said ''the rights issue will help us restructure our capital structure to prepare us for the next stage of growth.'' The ratio and the price of the issue has not yet been decided, and will be considered later by the company, he added.

UNI