Thomas Cook India has received approval from its board, to sell 5.42% stake in its subsidiary Quess Corp, with a view to raise fund of Rs.600 crore.

As per the company, sale of shares will be done via an offer for sale route and it has fixed a floor price of Rs.800 per share.

Currently, the company holds 81.52% stake in Quess Corp, but after the stake sale its holding will come down to 75.38%.

Moreover, the company stated that, this move is to meet Sebi regulations which requires promoters to bring down their stake to 75%.

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