Citi to invest $138 mn in Cox & Kings

Travel services firm Cox & Kings today said Citi Venture Capital International will pick up a significant minority stake in its UK-based subsidiary for USD 137.75 million (about Rs 765 crore).

In a filing to the BSE, the company said it has entered into binding agreements with investment funds advised by Citi Venture Capital International (CVCI) which will "acquire a significant minority stake" in its wholly-owned subsidiary Prometheon Holdings (UK) Ltd.

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In May this year, the company's board had approved raising additional capital of up to USD 140 million in Prometheon.

"..CVCI Private Equity has agreed to invest USD 137.75 million in Prometheon. The investments will be largely used to retire part of debt raised by Prometheon for Holidaybreak acquisition," the company said.

In November last year, the company had completed the acquisition of Holidaybreak Plc for 323.43 million pounds. The company is reported to have raised about Rs 1,400 crore in debt to finance the deal.

Cox & Kings shares were trading at Rs 148.20 in the late afternoon trade on the BSE, up 5.37 per cent from the previous close.

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