Travel services provider Cox & Kings Ltd is understood to be in talks with various investors for its proposed stake sale in UK subsidiary Prometheon Holdings (UK) Ltd to raise up to $140 million.
According to people close to the development, the company is currently holding talks with interested parties, including private equity firms.
When contacted a company spokesperson declined to comment.
In a filing to the BSE last month, the company had said its board of directors had approved an investment from an institutional investor of up to $140 million at Prometheon Holdings (UK) Limited.
"The investment will involve a minority stake for fresh capital issued to the prospective investor," it had said.
As per reports, Cox & Kings Ltd is in talks with PE firms such as KKR, Bain Capital, Carlyle and TPG for the stake sale.
In September last year, Cox & Kings Ltd had acquired UK-based Holidaybreak PLC for Rs 2,250 crore.
The acquisition was done through the company's wholly- owned subsidiary Prometheon Holdings in the UK.
The company's scrip closed at Rs 128.30 per share, up 4.06 per cent from the previous close on the BSE.
For the financial year ended March 31, 2012 the company posted sales of Rs 295.87 crore and net profit of Rs 77.68 crore.
Interestingly, rival Thomas Cook has also announced sale of its Indian arm to Fairbridge Capital (Mauritius) Ltd for for Rs 817.4 crore.