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

The board of directors at its meeting on Tuesday had approved the issue price at 305 per equity share, which includes 300 per share towards securities premium, the company said in a statement.

The board also approved closure of the issue on 25 November 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. In India, CKL has presence in 149 cities across the country.