Cox & Kings shines on divesting majority stake in LateRooms and Superbreak

Cox & Kings Ltd. | Travel Services | Travel & Hospitality | BSE: 533144 | NSE: COX&KINGS

04 Apr 2016 Evaluate

Cox & Kings (India) is currently trading at Rs. 188.60, up by 7.35 points or 4.06% from its previous closing of Rs. 181.25 on the BSE.

The scrip opened at Rs. 183.85 and has touched a high and low of Rs. 194.00 and Rs. 183.85 respectively. So far 150769 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 341.00 on 16-Apr-2015 and a 52 week low of Rs. 140.50 on 17-Feb-2016.

Last one week high and low of the scrip stood at Rs. 194.00 and Rs. 175.00 respectively. The current market cap of the company is Rs. 3191.59 crore.

The promoters holding in the company stood at 48.73% while Institutions and Non-Institutions held 37.38% and 13.89% respectively.

Cox & Kings (C&K) has sold 100% of LateRooms UK to Malvern Enterprises UK for GBP 20.0 million. C&K’s 65.58%-owned subsidiary, Holidaybreak has sold 100% of its Superbreak business to Malvern in a transaction whereby Holidaybreak received a net cash consideration of GBP 9.25 million. The proceeds were used to pay off debt. C&K has bought a 49% stake in Malvern for GBP 6.37 million.

Malvern is 51% owned by a reputed Europe-based private equity investor. The transaction will enable Malvern to independently follow its own strategic growth path in the underpenetrated city-breaks market within the online package-tour space. Brands Superbreak and LateRooms are likely to gain substantially from a unified management team under the strategic guidance of the private equity investor and C&K. The transaction is effective March 31, 2016.

C&K’s 49% equity stake in Malvern will be accounted for as an Investment in Associate Company, with its proportionate share of profit/(loss) reflected in C&K’s P&L from FY17 onwards.

Cox & Kings Share Price

1.63 0.00 (0.00%)

10-Feb-2022 18:01 View Price Chart

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