Cox & Kings (CKL), the leading holidays and education travel group with operations in 23 countries across continents has announced that it has raised around Rs 10 billion through Qualified Institutional Placement (QIP), of equity shares of face value of Rs 5 each.
The board of directors had approved the issue price at Rs 305 a equity share, which includes Rs 300 a share towards securities premium.
According to Peter Kerkar, director, Cox & Kings said, "Bulk of the proceeds will be utilized to pare down the debt and this will further strengthen the group balance sheet."
He further added, "This reiterates the confidence of large investors spread across the world in growth prospects of Cox & Kings and the travel industry."
Shares of the company gained Rs 3.25, or 1.12%, to trade at Rs 293. The total volume of shares traded was 71,005 at the BSE (2.45 p.m., Wednesday).