Cox and Kings to raise Rs 2,000 crore to fund expansion

MUMBAI: Travel firm Cox and Kings (India) today said it would raise Rs 2,000 crore of equity and debt to fund its expansion plans and has sought approval from the Board.

"We have sought our Board's approval to raise Rs 1,000 crore equity and Rs 1,000 crore debt to fund our future expansion which also includes merger and acquisition plans," Cox and Kings (India)'s Chief Financial Officer Anil Khandelwal told PTI here.

He said he is looking at a few travel companies, both domestic and overseas, for acquisition, but things were still at an initial stage and nothing has been finalised as yet.

The company is looking at multiple opportunities in the travel segment and there could be more than one acquisition.

"We want to be ready with resources whenever such an opportunity emerges and hence we have approached our Board with the proposal to raise finance," he said.

Cox and Kings (India) has appointed global merger and acquisitions specialist, Peter Diethelm, as a strategic adviser to the Board recently.

The company is in the process of finalising the mode of raising the Rs 1,000 crore of equity.

"We are looking at all options, the mode will be decided soon," he said.

On the Rs 1,000 crore debt proposed to be raised, Khandelwal said the "company is looking at the best and the cheapest mode."