Cox & Kings sells 2 entities to Malvern; will hold 49% in it

Cox & Kings has restructured its business by selling off two of its entities, LateRooms and Superbreak, for over 25 million pounds (about Rs 235 crore) to Malvern Enterprises, in which it will hold 49% stake.

A Europe-based private equity investor will own 51% in UK-based Malvern.

"Cox & Kings has sold 100% of LateRooms UK Ltd to Malvern Enterprises UK Ltd for GBP 20 million," Cox & Kings said in a BSE filing.

Holidaybreak Ltd, the company's 65.58% owned subsidiary, has sold its entire stake in Superbreak business to Malvern in a transaction for which it received net cash consideration of 9.25 million pounds, it added.

Besides, Cox & Kings has bought a 49% stake in Malvern for 6.37 million pounds.

Stock of Cox & Kings was trading at Rs 189.50 in the afternoon trade on BSE, up 4.55%.