Cox & Kings Ltd (CKL) has raised Rs 1000 crore through Qualified Institutional Placement (QIP) of equity shares of face value of Rs 5 each, the company said on Wednesday.
The Board of Directors of the company has approved the issue price at Rs 305 per equity share, which includes Rs 300 per share towards securities premium, the company said.
“Bulk of the proceeds will be utilised to pare down the debt and this will further strengthen the group balance sheet,” Peter Kerkar, Director, Cox & Kings Ltd said.
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“This reiterates the confidence of large investors spread across the world in growth prospects of Cox & Kings and the travel industry,’’ he added
Cox & Kings said it would remain focused on its education activity and leisure business which is expected to grow at double digit rates.
Cox & Kings is a leading holiday and education travel company having operations in 23 countries.
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Cox & Kings shares closed with a gain of 0.40 per cent at Rs 290.90 on the BSE.