Defying weak stock market, shares of tour operator Cox & Kings today soared over 4% amid reports that the company is close to finalise stake sale of its UK-based subsidiary.
Shares of the company settled at Rs 128.30, up 4.06% on the BSE. During the day, the stock jumped 5.96% to Rs 130.65.
At the NSE, the scrip rallied 4.02% to Rs 128.05.
On the volume front, 3.51 lakh shares changed hands on the BSE, while over 8 lakh shares were traded on the NSE.
As per reports, the company is in talks with PE players for a stake sale in its UK unit to repay debt.
"Travel and tour operator is in talks with some private equity funds such as KKR, Bain Capital, Carlyle and TPG to sell a minority stake in its UK subsidiary and raise about $140 million.
The money will be used to repay debt raised during Cox & Kings' Rs 2,250-crore acquisition of Holidaybreak Plc, the step-down subsidiary of Cox's UK holding company, Prometheon Holdings, " the report said.
Rally in the stock outperformed the weak broader market where the BSE Sensex ended at 16,972.51, down 60.05 points.