Thomas Cook (India) Limited has informed the Exchange about Intimation of Allotment of Shares in Step-Down Subsidiary under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Thomas Cook (India) has announced that its Mauritius-based subsidiary, Travel Circle International (Mauritius) Ltd (TCIM), has allotted 100,000 ordinary shares (EUR 1 each, totaling EUR 100,000) in Travel Circle International (Cyprus) Limited, a newly incorporated step-down subsidiary in Nicosia, Cyprus. As a result, TCIM now holds 100% of TCI Cyprus, making it an indirect wholly-owned subsidiary of Thomas Cook (India). The new entity has no turnover yet and its business operations are yet to commence. The purpose of setting up this Cyprus entity is to establish a strategic foothold in Europe for travel-related businesses. The consideration was paid in cash and no government or regulatory approvals were required.
This is a routine corporate structuring move to expand Thomas Cook's European presence through a new subsidiary. Since the entity is newly incorporated with no operations and turnover, there is no immediate financial impact on shareholders. It signals the company's intent to grow its travel business in Europe, which could be positive in the long term if the subsidiary generates revenue.