BackCox and Kings to raise Rs1,200 crore via share sale
Cox and Kings may sell shares to financial institutions or issue convertible bonds, depository receipts or any other instrument convertible into equity shares
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Mumbai: Travel firm Cox and Kings Ltd on Thursday said its board has cleared plans to raise up to ₹ 1,200 crore by selling shares or bonds in an attempt to reduce debt.
The company informed BSE that it may sell shares to financial institutions or issue convertible bonds, depository receipts or any other instrument convertible or exchangeable into equity shares.
At 1.32pm, Cox and Kings was trading at ₹ 324.90 on BSE, up 1.6%, while India’s benchmark Sensex rose 1.43% to 26,623 points.
As of March, total debt of the company was ₹ 5,583.60 crore.
In June, Cox and Kings sold the camping division of its Holidaybreak Ltd unit to France’s Homair Vacances SA for £89.2 million.
Cox and Kings has set a target of cutting $40 million of debt in the current fiscal year, excluding the proceeds from the sale of its camping business, the company had said in June.
In September 2011, Cox and Kings, through its UK unit Prometheon Holdings (UK) Ltd, had acquired Holidaybreak for £312 million in an all-cash transaction, marking the biggest overseas acquisition by an Indian travel company.
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