Thomas Cook (India) Limited Announces Demerger of Resorts and Resort Management Business into Sterling Holiday Resorts Limited
Mumbai, March 20, 2026 – The Board of Thomas Cook (India) Limited (TCIL) has given in-principle approval to a proposal for the demerger of the company's Resorts and Resort Management business into Sterling Holiday Resorts Limited (SHRL), followed by a subsequent capital restructuring of TCIL. This action is intended to unlock value for TCIL shareholders and streamline the company's capital structure, potentially leading to improved Earnings Per Share. The demerger and restructuring are subject to NCLT and other regulatory approvals.TCIL operates 6 resorts directly under the brand name Nature Trails, located across India. These resorts will be merged into SHRL as part of the demerger.
Under a composite scheme of arrangement, TCIL shareholders will receive 0.81 shares of SHRL for every share of TCIL. TCIL will continue to hold its current number of shares in SHRL post the demerger. The promoters and public shareholding pattern of both TCIL and SHRL are expected to remain similar. Shares of SHRL will be listed on the BSE and NSE.
Additionally, TCIL will consolidate 4 shares of Rs. 1 face value each into 1 share of Rs. 4 face value, reduce the share face value from Rs. 4 to Rs. 3, and merge 3 dormant subsidiaries to reduce administrative costs.
According to Mr. Mahesh Iyer, Managing Director & CEO of Thomas Cook India Limited, the demerger and restructuring unlocks value for TCIL shareholders and paves the way for a future listing of SHRL.
As of March 20, 2026, Fairfax Financial Holdings Limited holds a 63.83% shareholding in TCIL.
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