Cox & Kings arm mobilises Rs 450 crore through stake sale

Cox & Kings stall, on the first day of the three day exhibition ` India International Travel Mart', in Chennai on Friday ( July 20, 2012). The event is being organised in association with Tamil Nadu Tourism.
Photo : Bijoy Ghosh
To go with Ravikumar's report

Cox & Kings arm gets ₹450 cr. via stake sale

Cox & Kings Ltd. (C&K) said its 100% subsidiary Prometheon Enterprises Ltd. (PEL) has sold 11.58% stake in Prometheon Holdings (UK) Ltd. (PHUK) to an investee firm of SSG Capital Management for ₹450 crore. The funds will be utilised to reduce debt, a company official said. PEL earlier held 65.58% of PHUK, which houses the education and hybrid hotels businesses. Post stake sale, C&K will hold 54% of PHUK through PEL while SSG Capital will hold 46%. In November 2017, SSG Capital had bought The Rohatyn Group’s (TRG) entire stake of 34.42% in PHUK.

“In continuation with our efforts to unlock value across businesses we have divested 11.58% stake in PHUK to SSG Capital. We consider SSG as a strong partner and look forward to leveraging their position and working together to enhance value of Education and Hybrid hotels businesses” Peter Kerkar, Group CEO, Cox & Kings Ltd said in a statement.