COX & KINGS RAISES USD 65 MILLION THROUGH GDR ISSUE 17th, August 2010
Mumbai, August 17th 2010: Cox & Kings Ltd, one of the oldest travel companies, has issued Global Depository Receipts (GDR) at Rs.569.20 per share amounting to USD 65 million on August 16th 2010. The GDRs will be listed on the Stock Exchange at Luxembourg. The company 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.
This fund raising exercise is part of company's plans to raise equity, for which it had received shareholder approval in the recent past.
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 globally and enhance group synergies."
Cox & Kings has been growing aggressively in the past by acquiring companies locally as well as globally. He added, "This policy of organic as well as inorganic growth will continue."
Cox & Kings Ltd's latest addition to its array of international acquisitions is the takeover of the Australian firm MyPlanet Australia Pty Ltd & Bentours International Pty Ltd from a unit of TUI Travel Pty in December, 2009.
ABOUT COX & KINGS LTD: (BSE: 533144 | NSE: COX&KINGS)
Cox & Kings Ltd.,(CKL), is the longest established travel company in the world since 1758 and in December 2009 successfully listed on the stock exchange in India. Its distinguished history began when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier and handled the Royal Cavalry, Artillery and Infantry, Royal Wagon Train, the Household Brigade, the Royal Navy and the Royal Air Force came under its wings.
Today, it is a premium brand in all travel related services, employing over 1,400 professionals and headquartered in India.
The company is networked through a mix of branch sales offices, franchised sales shops, General Sales Agents (GSAs), and Preferred Sales Agents (PSAs). The company has 14 branch sales offices located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. The company has appointed 94 franchisees across 20 states covering 70 cities. The company's extensive network of 185 GSAs and PSAs covering all major towns and cities of India enhances its reach.
It has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE and Singapore and operates from Moscow (Russia), Maldives and Tahiti through branch offices and Spain, Sweden, Germany, Italy, France, South America and South Africa through representative offices.
The company owns Tempo Holidays Australia, East India Travel Company in North America, ETN in the UK and Quoprro Global Services Pvt Ltd,(visa processing). In December 2009 it also acquired MyPlanet Australia Pty Ltd and Bentours International Pty Ltd in Australia.
The business can be broadly categorised as Leisure Travel, Corporate Travel, MICE, Trade Fairs, Visa Processing and foreign exchange.
Over the last two years the company has won many awards. In January 2010 it was awarded the Most Admired Tour Operator by SATTE. Cox & Kings has also been awarded First Runner up in the Best Large Tour Operator category awarded by the Telegraph Ultra Travel luxury survey UK 2010 and First Runner Up in the Favourite Tour Operator category awarded by Condé Nast Traveller Readers' Choice Awards (2010). In 2009, it won the Best Domestic Tour Operator, Most Innovative Travel Company and the Best Inbound Tour Operator award at the TAFI TravelBiz Monitor Awards. It won the Today's Traveller Platinum Award for the most innovative travel company and it also won the Economic Times Award for the Best Outbound Tour Operator in India. In 2008, Mr. Ajay Ajit Peter Kerkar, Global CEO, Cox & Kings was honoured with the WTM Global Award 2008 for his remarkable contribution to the travel and tourism industry by the World Travel Market (WTM).
CKL is one of the founding members of the World Travel and Tourism Council (WTTC), and are members of premier industry associations namely the Travel Agents Federation of India (TAFI), the Travel Agents Association of India (TAAI), Indian Association of Tour Operators (IATO), and the Pacific Asia Travel Association (PATA).
For further details on this release, please contact: Cox & Kings Ltd. Mr. Thomas C Thottathil Head - Corporate Communications firstname.lastname@example.org Tel: 91-22-22637500