The Hindu : Business : Cox & Kings fixes IPO price band

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Business

Cox & Kings fixes IPO price band

Issue proceeds will be used to fund new acquisitions

MUMBAI: Tour and travel operator Cox and Kings on Friday said it had fixed the price band between Rs. 316 and Rs. 330 per share for initial public offer.

The tour and travel operator expects to mop-up around Rs. 610 crore from the issue to fund its expansion.

On offer will be 1.8 crore shares of Rs. 10 each for cash at a price to be decided through the 100-per cent book building process.

The issue will open on November 18 and close on November 20.

“The issue comprises a fresh issue of 15.45 million equity shares and an offer for sale of 3.05 million equity shares by Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana,” Cox & Kings Chief Financial Officer Anil Khandelwal told reporters here.

The company planned to use the issue proceeds to fund its acquisitions, repay loans and to fuel other business expansion plans, Mr. Kandelwal said.

The issue reserves up to two lakh equity shares for eligible employees.

The total issue would constitute 29.40 per cent of the fully diluted post-issue paid-up capital of the company and the net issue will constitute 29.08 per cent of the fully diluted post-issue paid-up capital of the company, Mr. Khandelwal said. — PTI

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