Travel firm Cox & Kings today said it has sold 11.58 per cent stake in Prometheon Holdings UK to SSG Capital for Rs 450 crore, after transaction expense and tax.
The company's wholly-owned subsidiary, Prometheon Enterprises has sold 11.58 per cent stake in Prometheon Holdings (UK) to an investee company of SSG Capital Management, Cox & Kings said in a statement.
Prometheon Enterprises (PEL) earlier held 65.58 per cent stake in Prometheon Holdings UK (PHUK), which houses the education and hybrid hotels businesses, it added.
The company will receive Rs 450 crore after transaction expense and tax, for the 11.58 per cent stake sale in PHUK, company said.
Cox & Kings Group CEO Peter Kerkar said, "In continuation of our efforts to unlock value across businesses, we have divested 11.58 per cent stake in PHUK to SSG Capital."