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Press release :  
Cox and Kings (India) Limited files DRHP with the SEBI
21st, August 2009

Mumbai, August 21, 2009: Cox and Kings (India) Limited (the “Company”), one of India’s largest tour and travel operator that serves as a ‘One Stop Shop’ for all travel and travel related products, has filed its Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) to enter the capital market soon with an Initial Public Offering (“IPO”) of 18,496,640 equity shares of Rs. 10 each (“Equity Shares”) for cash at a price to be decided through a 100% Book-Building Process (the “Issue”).


The Issue comprises a Fresh Issue of 15,450,000 Equity Shares and an Offer for Sale of 3,046,640 Equity Shares by Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana, S. A., S. V., (the “Selling Shareholders”). The Issue comprises a Net Issue of 18,296,640 Equity Shares and a reservation of up to 2,00,000 Equity Shares for eligible employees (the “Employee Reservation Portion”). The Issue would constitute 29.40% of the fully diluted post Issue paid up capital of the Company and the Net Issue will constitute 29.08% of the fully diluted post issue paid-up capital of the Company.


The Equity Shares are proposed to be listed on Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).


The Company is considering a Pre-IPO Placement of certain Equity Shares with some investors (“Pre-IPO Placement”) and will complete the issuance of such Equity Shares prior to the filing of the Red Herring Prospectus (“RHP”) with the Registrar of Companies (“RoC”). The number of Equity Shares in the Issue will be reduced to the extent of the Equity Shares proposed to be allotted in the Pre-IPO Placement, if, any, subject to the Net Issue to the public being at least 25% of the fully diluted post-Issued paid up capital of the Company.


Up to 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIB”) out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only. The QIB portion will also include the Anchor Investor Portion in accordance with applicable SEBI guidelines. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders.


Cox and Kings (India) Ltd. is one of the oldest and recognised holiday brands that cater to the overall travel needs of an Indian and International traveller. It is one of the India’s largest tour and travel operator that serve as a ‘One Stop Shop’ for all travel and travel related products. Its business can be broadly categorised into Leisure Travel, Corporate Travel, Forex and Visa Processing. It provides end to end travel solutions including land, air and cruise bookings, hotel bookings, in-transit arrangements, local sightseeing, visa, passport and medical insurance assistance and such other destination management services. It also provides value added services viz., customising travel plans for NRI customers, travel arrangements for Trade Fairs, providing private air charter services, etc. Besides, it offers travel related foreign exchange & payment solutions. In fact, it is one of the first travel companies in India to be granted a license as an Authorized Dealer - Category II under the new licensing regime.


In India, the Company has 255 points of presence covering 164 locations through a mix of branch sales offices, franchised sales shops, General Sales Agents (GSAs) and Preferred Sales Agents (PSAs). It has 14 branch sales offices located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. Besides, it also operates through 56 franchised sales shops spread across India to have larger access to customers. Further, it has an extensive network of 185 GSAs and PSAs covering many of the major towns and cities of India. GSAs / PSAs are those agents who sell only the products through an exclusive tie–up with it. It has global presence with operations in 18 countries besides India through subsidiaries, branch offices and representative offices. It has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE and Singapore. It also operates from Moscow (Russia), Maldives and Tahiti through branch offices and Spain, Sweden, Germany, Italy, France, Taiwan, South America and South Africa through representative offices. Further, it has presence in overseas markets through a network of GSAs and PSAs covering other countries enhancing global presence. The global reach and passion for travel position the Company well to offer multiple travel choices and value for its products.

India Infoline Limited is the sole Book Running Lead Manager (“BRLM”) to the Issue.

Note

Cox and Kings (India) Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed its Draft Red Herring Prospectus (“DRHP”) with the Securities & Exchange Board of India (“SEBI”). The DRHP is available on the website of SEBI at www.sebi.gov.in and on websites of the BRLM at www.iiflcap.com.

This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP filed with the SEBI including the section titled Risk Factors”. The Equity Shares of the Company have not been and will not be registered under the U.S. Securities Act 1933, as amended or any state securities laws in the United States. This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.


For further details contact:

Thomas C Thottathil
Head—Corporate Communications
Cox & Kings India Ltd

022-22709100


Mr. Himanshu Kapadia, Adfactors PR,
Tel: 022-22813565, +91-982135841

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