Thomas Cook rises, Quess Corp falls

Thomas Cook has risen today over 6.5% to Rs.244.25 while Quess Corp fell down over 8% to Rs.839.80.

The reason – Thomas Cook is selling its 5.4% stake or 75 lakh shares and promoter, Ajit Isaac sold 0.74% stake or 10 lakh shares in Quess. This is being done through an open offer a Rs.800/share, starting today till tomorrow. The floor price is 12.4% discount against Wednesday’s closing of Rs.913 on the BSE.

Thomas Cook and Ajit Isaac are the promoters of Quess Corp and they hold 81.52% stake. SEBI has mandated promoter holding at 75% and that is what the promoters are selling the stake for. Post stake sale, promoter stake will be at 75.38%.

Money raised from the open offer, Rs.680 crore will be used to retire long-term debt.