Cox & Kings Ltd, one of India’s oldest tour operators, issued Global Depository Receipts (GDR) at Rs 569.20 per share yesterday, amounting to $65 million (Rs 300 crore). The GDRs will be listed on the stock exchange at Luxembourg.
“Cox and Kings Ltd plans to utilise the GDR proceeds to fund largely its acquisition plans. The GDR issue will constitute 7.82 per cent of the fully diluted post-issue paid-up capital of the company,” it said in a statement.
This fund-raising exercise is part of plans to raise equity, for which it had received shareholder approval.
Peter Kerkar, executive director, Cox & Kings Ltd, said, “We are looking at acquisition targets across the world. These acquisitions will substantially help us improve our market share in the global markets, apart from adding group synergies.”
