Travel company Cox and Kings has got the Foreign Investment Promotion Board (FIPB) approval to raise its foreign equity by 10 per cent to 53.94 per cent, from 43.81 per cent. Currently, foreign promoters hold 19.87 per cent and foreign institutional investors (FIIs) 22.72 per cent. The company recently got the FIPB approval to raise Rs 750 crore from foreign markets.
“To fund growth plans, the company is prepared to raise funds in the most efficient manner, should the need arise in future,” Peter Kerkar, director, Cox and Kings, had said in a recent statement. These were preparatory steps for the future and no specific plan had been made for any equity raise in the immediate future, the official had said.
The FIPB approval permits the company to allot warrants, equity shares and convertibles to non-resident qualified institutional buyers also. The company had taken shareholders’ approval for raising debt and equity to the extent of Rs 1,500 crore each in June.
