Share of travel services firm Thomas Cook India rose over 5% in early trade on plan to raise up to Rs 450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.
Thomas Cook India stock gained 5.15% to Rs 50.25 against previous close of Rs 47.45 on BSE. The share opened at Rs 48.50.
The stock has risen 5.57% in the last 3 days. Thomas Cook India share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 2.55% since the beginning of this year but fallen 2% in one year.
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The company's board has approved issuance of up to 45,00,00,000 OCCRPS of face value of 10 each to Fairbridge Capital (Mauritius) Ltd, the promoter of the company, through private placement on a preferential basis, Thomas Cook said in a regulatory filing.
The size of the issue is up to Rs 450 crore subject to the approval of regulatory, statutory authorities and the shareholders of the company, it added.