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Cox & Kings To Dilute 20pc Shareholding
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There are plans to raise Rs 150
crore for a 20 per cent dilution of equity. It is said that some of the
private equity houses that are being wooed include Standard Chartered
Bank and ICICI Ventures.
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Cox & Kings, domestic and overseas travel tour operator and foreign exchange
house, is said to have plans to dilute a part of its stake in the company. For
the past few months, investment bankers revealed that officials of Cox &
Kings have been meeting private equity players to pump in money. There are plans,
revealed a merchant banker, to raise Rs 150 crore for a 20 per cent dilution
of equity. It is said that some of the private equity houses that are being
wooed include Standard Chartered Bank and ICICI Ventures.
 The
divestment deal is said to be brokered by a small German investment bank along
with an Indian entity. Last December, the company had announced an IPO. Peter
Kerkar, global chief executive officer of the company said that there were no
plans to offload equity to any institution. He added that its IPO plans are
intact and will be announced if the market continues to be good. The company
is owned by Ajit Kerkar, the chief promoter of Tulip Star hotel (formerly known
as Juhu Centaur). The property, which belonged to Hotel Corporation of India,
subsidiary of Air India, was sold to Kerkar's Tulip Star Hotels three and a
half years ago for Rs 153 crore.
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