Cox & Kings plan to raise Rs 1,500 crore via QIP issue

07 Jun 2011 Evaluate

Cox & Kings India is planning to raise Rs 1,500 crore through a qualified institutional placement (QIP) to foreign institutional investors. The entire fund-raising exercise will lead to the dilution of around 18 percent of the fully diluted paid-up equity share capital of the company.

The company has sought Foreign Investment Promotion Board (FIPB) approval to allot warrants, redeemable non-convertible debentures, equity shares and convertible securities to non-resident qualified institutional buyers. It is planning to use the proceeds for acquisitions, launch of new businesses apart from funding its current operations. Besides, leisure travel services, the company also operates in the areas of corporate travel, visa processing and foreign exchange services.

The move comes within months after the company’s board approved increasing the borrowing limit to Rs 1,500 crore from the current Rs 1,000 crore in end-April.

Cox & Kings is one of the oldest and recognized holiday brands that cater to the overall travel needs of an Indian and International traveller. It is one of the India’s largest tour and travel operator that serve as a ‘One Stop Shop’ for all travel and travel related products.

Cox & Kings Share Price

1.63 0.00 (0.00%)
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