Chennai, Jun 20 (IANS): Travel major Thomas Cook (India) Ltd on Monday said the Sub-Committee of the Board of Directors, has approved the conversion of the balance Rs 132.9 crore Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) held by the promoter Fairbridge Capital (Mauritius) Limited (FCML), into 2.8 crore equity shares.

The Company had earlier converted Rs 302 crore OCCRPS into 6.4 crore equity shares on March 17, 2022.

Consequently, the entire OCCRPS of Rs 435.7 crore has been converted into 9.2 crore equity shares at Rs 47.30 per share, thereby increasing the Promoters' shareholding to 72.34 per cent.

According to Madhavan Menon, Managing Director, Thomas Cook the conversion of the balance convertible preference shares into equity, increases the promoter shareholding from the present 70.58 per cent to 72.34 per cent.

The conversion will serve to enhance the long-term capital base of the company, strengthen the balance sheet.