Cox & Kings rises on fund raising plans for its UK biz

Cox and Kings has rallied up to 5% at Rs 150 after the company said it is planning to raise up to $140 million (approx Rs 760 crore) from an institutional investor for its UK subsidiary.

“The board of directors of the company will meet on May 15, to considered and approved an investment from an institutional investor of up to $ 140 million at Prometheon Holdings (UK) Limited, a wholly owned subsidiary of the company,” Cox and Kings said in a filing to the stock exchanges.

The investment will involve a minority stake for fresh capital issued to the prospective investor, it added.

A combined 25,000 shares have changed hands on the counter in opening deals on both the exchanges.