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  • Citi Venture Capital International Private Equity Prometheon Holdings UK LTD

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    Prasenjit Barik
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    Cox & Kings shares rose about 5% after announcing plans to raise $137.75 million by selling a stake in its UK subsidiary, Prometheon Holdings UK. The funds will mainly go toward reducing Prometheon's debt of $330 million. An investment fund advised by Citi Venture Capital International will acquire a significant minority stake in Prometheon. Cox & Kings' board had previously approved raising up to $140 million in additional capital for Prometheon. The stock rally significantly outperformed the broader market which closed lower.

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    Cox & Kings shares rose about 5% after announcing plans to raise $137.75 million by selling a stake in its UK subsidiary, Prometheon Holdings UK. The funds will mainly go toward reducing Prometheon's debt of $330 million. An investment fund advised by Citi Venture Capital International will acquire a significant minority stake in Prometheon. Cox & Kings' board had previously approved raising up to $140 million in additional capital for Prometheon. The stock rally significantly outperformed the broader market which closed lower.

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    14 views1 page

    Citi Venture Capital International Private Equity Prometheon Holdings UK LTD

    Uploaded by

    Prasenjit Barik
    Cox & Kings shares rose about 5% after announcing plans to raise $137.75 million by selling a stake in its UK subsidiary, Prometheon Holdings UK. The funds will mainly go toward reducing Prometheon's debt of $330 million. An investment fund advised by Citi Venture Capital International will acquire a significant minority stake in Prometheon. Cox & Kings' board had previously approved raising up to $140 million in additional capital for Prometheon. The stock rally significantly outperformed the broader market which closed lower.

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    MUMBAI: Shares of travel services firm Cox & Kings today surged about 5 per cent after disclosing

    plans to raise $ 137.75 million (about Rs 765 crore) by selling stake in its UK-based subsidiary. Following the announcement, shares of the company jumped 7.92 per cent during the day and finally settled at Rs 147, up 4.51 per cent on the BSE. At the NSE, the stock closed at Rs 147, up 4.85 per cent. Cox & Kings will utilise the fund mainly to cut debt in its subsidiary, Prometheon Holdings UK, that currently stands at $ 330 million. "On August 21, 2012, investment funds advised by Citi Venture Capital International (CVCI Private Equity) entered into binding agreements with Cox & Kings Ltd (CKL) to acquire a significant minority stake in its wholly owned subsidiary, Prometheon Holdings UK Ltd(Prometheon)," CKL said in a statement. In May, the company's board had approved raising additional capital of up to $ 140 million in Prometheon. Meanwhile, rally in the stock sharply outperformed the sluggish broader market, where the Sensex closed at 17,846.86, down 38.4 points or 0.21 per cent.

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