COX and Kings has more than doubled the size of its initial public of fearing .In its refilling of the draft red herring prospectus with the Securities and Exchange Board of India on Friday, the tour and travel operator said it would be offering 1.8 crore shares proposed in January 2008.
Cox & Kings had first filed DRHP in January 2008 but shelved its plans due to poor market conditions last year.” Now, the market conditions have improved to raise funds through IPO and that is the reason the company has decided to double the size of the public offering.”Said.Thomas C Thottathil, head, corporate Communications, Cox & Kings India.
The company has also changed the book-running lead manager, appointing India Info line in place of Enam Securities.
The latest offering comprises a fresh issue of 1.5 crore shares and an offer to sell 30.46 lakh shares by Lehman Brothers Opportunity,Deutsche Securities Mauritius and Merrill Lynch Capital Markets espana.
Following the issue, the net equity will constitute 29.40 per cent of the fully diluted, paid-up capital, while the new issue will be 29.08 per cent.
Promoters ABM good, jay Ajit Peter Kerkar, urrshila Kerkar and Liz Investments among others hold 63.6 per cent share in Cox Kings
The company has reserved up to 200,000 equity shares of Rs 10 each for the eligible employees on a competitive basis.
COX and Kings are also considering a pre-IPO placement of shares with some investors.
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