Corporate News Details
Cox and Kings fixed price band at Rs 316-330
Cox & Kings (India) Ltd, the travel operator, plans to raise up to Rs. 6.1 billion through an initial public offer and has fixed the price band for its initial public offer (IPO) at Rs. 316-330 a share. The company is coming out with an IPO of 18,496,640 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process
The issue will open on November 18, 2009 and will close on Nov 20, 2009, the company said in a statement on Friday.
The proposed issue includes fresh share offer of 15.45 million shares and an offer for sale of 3.04 million shares by sellers including Deutsche Securities Mauritius Limited, Merrill Lynch Capital Markets Espana and Lehman Brothers Opportunity Ltd. The issue comprises a net issue of 18,296,640 equity shares and a reservation of up to 2,00,000 equity shares for eligible employees. The issue would constitute 29.40% of the fully diluted post issue paid up capital of the company and the net issue will constitute 29.08% of the fully diluted post issue paid-up capital of the company.
The objects of the fresh issue are to provide funding for repayment of loans as well as acquisitions and other strategic initiatives, investment in overseas subsidiaries and investment in corporate office & upgrading our existing operations.
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