Omni-channel travel company Thomas Cook (India) on Monday said one of its promoter, Fairbridge Capital (Mauritius), has increased its shareholding in the company to 72.34 per cent from 70.58 per cent.

Fairbridge is a wholly-owned subsidiary of Canada-based Fairfax Financial Holdings Limited. The sub-committee of the board of directors of Thomas Cook (India) has approved the conversion of the balance Rs 132.9 crore Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) held by Fairbridge Capital (Mauritius) Limited (FCML) into 2.8 crore equity shares, the company said in a statement.

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.

“I am glad to announce the conversion of the balance convertible preference shares into equity, thereby increasing the promoter shareholding from the present 70.58 per cent to 72.34 per cent. “This reflects the confidence of our promoters in the rapid recovery of the travel and allied services sector and the company’s growth prospects in the future,” Thomas Cook (India) Limited managing director Madhavan Menon added.