Mumbai, Mar 7 (UNI) Cox&Kings, a global travel company, is likely to hit the Indian capital market with its initial public offering (IPO) in the month of July to raise about Rs 600 crore.
Speaking on the sidelines of the announcement of its tie-up with Grevin, the famous wax museum in Paris, for tourism promotion in Paris, Compay Director Peter Kerkar said, ''We had already applied to the Securities and Exchange Board of India (SEBI) on January 25 for approval and as soon as it will be approved, the Company will come up with its issue within 180 days form the day of the approval, as this is the time-limit given by the market regulator.'' However, when asked about the present market turmoil and more details about the offer, he said that the Company will consider the market conditions before launching its issue. ''It is too early to reveal a detailed information as the plan is still with the SEBI for approval,'' Mr Kerkar asserted.
Cox&Kings, which deals in luxury tour packages as well as upmarket weekend trips to Europe and other countries, plans to raise about Rs 600 crore through IPO by diluting its 23.7 per cent stakes in the company, according to sources close to the development.
The proceeds will be used by the Company to write off the Company debt of nearly Rs 45 crore and to complete its acquisition plan in UK and other places.
The Company also plans to increase its franchised branches in India from 15 to 300 by the end of 2008, sources added.
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