Cox & Kings raises Rs 1,000 cr, to use proceeds to cut debt

Mumbai: Leading travel company Cox & Kings (CKL) today said it has raised around Rs 1,000 crore through qualified institutional placement of equity shares of face value of Rs 5 each.

The Board of Directors at its meeting yesterday had approved the issue price at Rs 305 per equity share, which includes Rs 300 per share towards securities premium, the company said in a statement.

The board also approved closure of the issue on November 25, 2014, the statement said. “Bulk of the proceeds will be utilised to pare down the debt and this will further strengthen the group balance sheet,” Cox & Kings Director Peter Kerkar said.

Cox & Kings remains focused on its education activity and leisure business, which is expected to grow at double digit rates, he added. CKL is a leading holidays and education travel group since 1758, with operations in 23 countries across 4 continents.

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In India, CKL has presence in 149 cities across the country.

PTI