Cox & Kings plans to raise around Rs 300-350 cr via QIP

10 Sep 2014

Travel company Cox & King today said that the company is looking to raise about Rs 300-350 crore via QIP over the next few weeks, say sources. The funds raised will be used to cut debt, reported media.
The company has a gross debt of about Rs 5400 crore and net debt of about Rs 4000 crore. It recently sold its non core camping business in a bid to reduce debt.

While the company is yet to receive around Rs 900 crore from sale proceeds of camping business, raising capital through QIP will put them in a better position on the debt front, as per the media reports.

Axis Capital is likely to be the banker to QIP.

Edelweiss, in its recent report, stated that the stock has a potential of re-rating if it succeeds in debt reduction.

Source: Dion Global Type: IPO Related

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