Cox & Kings raises $ 65-mn through GDR issue

MUMBAI: Travel company, Cox & Kings said that it has raised $ 65-mn through a Global Depository Receipts (GDR) issue and would use the proceeds largely to fund its acquisition plans.

The GDRs will be listed on the Luxembourg Stock Exchange, a press release issued here stated.

"We are looking at acquisition targets across the world. These acquisitions will substantially help us improve our market share, apart from adding group synergies," the company's Executive Director, Peter Kerkar, said.

Cox & Kings has been growing aggressively by acquiring companies locally as well as globally. "This policy of organic as well as inorganic growth will continue," Kerkar said.

Its latest addition to its array of international acquisitions is the takeover of the Australian firm MyPlanet Australia Pty Ltd and Bentours International Pty Ltd from an unit of TUI Travel Pty last December.