Cox & Kings may have Mumbai HQ

Cox & Kings (C&K), the travel company-based in London, plans to shift its headquarters to Mumbai.

Confirming this, Cox & Kings chairman Anthony B M Good said the headquarters would be shifted after the global restructuring of the group which would follow the initial public offering of its domestic subsidiary C&K India. Good is also the chairman of Cox & Kings India.

According to the restructuring exercise, Cox & Kings India will buy out the shareholding of the parent company, Cox & Kings UK, its subsidiaries in Japan, US, Italy, Turkey and Australia.

C&K India's IPO will take place in six months, said Good.

The rationale to shift the group's HQ to India being, India plays a important role in the operations of the group. C&K India achieved revenue close to Rs 600 crore last year, which is about 50 per cent of the total revenues of the group.

"The company has appointed Mumbai-based Prime Securities as advisor for the IPO. Details are being worked out on restructuring and the amount to be raised through the IPO," said Good. "The capital base of Cox & Kings India is small and therefore it becomes important for us to raise funds through routes like an IPO," he added.

C&K's current office lies in the Standard Chartered Grindlay's Bank Building at D N Road in Mumbai. However, the office will be shifted to a new, bigger premises in the city in the near future, he said.

Peter Kerkar is the global CEO of the group while Urshila Kerkar is the CEO of C&K India.

C&K, established in 1758, is one of the oldest of existing companies in the world.

Meanwhile, through a recent rights issue, the Kerkar family has substantially raised its holding in Cox & Kings India, informed reliable sources.

Before the rights issue the stake holding pattern in C&K India was as follows - C&K UK, 38 per cent, Kerkar & Family, 34 per cent, Piem Hotels, 23 per cent, Cox & Kings India employees, 5 per cent.

Post rights issue, the family's holding in C&K India has increased to about 50 per cent. Piem Hotel's stake in the company has subsequently been reduced.

When contacted by Business Standard to know the exact stake holding pattern in Cox & Kings India, Urshila Kerkar, CEO, C&K India, replied to an e-mail questionnaire," Kerkar & family holdings were below 50 per cent both before and after the rights issue."