Cox & Kings declines after board decides to open QIP issue

Cox & Kings fell 2.09% to Rs 309.19 at 11:07 IST on BSE after the Board of Directors of the company at its meeting held on 20 November 2014 decided to open the qualified institutional placement issue.

The company made the announcement before market hours today, 21 November 2014.

Meanwhile, the S&P BSE Sensex was up 187.09 points or 0.67% at 28,256.23.

On BSE, so far 29,719 shares were traded in the counter as against average daily volume of 1.22 lakh shares in the past one quarter.

The stock hit a high of Rs 316 and a low of Rs 306.15 so far during the day. The stock had hit a record high of Rs 366.30 on 16 September 2014. The stock had hit a 52-week low of Rs 94 on 11 December 2013.

The stock had outperformed the market over the past one month till 20 November 2014, rising 10.58% compared with the Sensex's 6.2% rise. The scrip had, however, underperformed the market in past one quarter, gaining 3.92% as against Sensex's 6.66% rise.

The mid-cap firm has an equity capital of Rs 68.26 crore. Face value per share is Rs 5.

Cox & Kings' board has set floor price at Rs 309.18 per share for qualified institutional placement (QIP). Pursuant to the intimation received from the promoters of the company dated 10 October 2014, the Board also decided to allot 72.50 lakh warrants to Standford Trading, a promoter group entity, on preferential basis subject to necessary approvals as may be required at a price that shall not be less than the QIP price.

Cox & Kings reported consolidated net loss of Rs 130.84 crore in Q2 September 2014 compared with consolidated net profit of Rs 335.14 crore in Q2 September 2013. Total income rose 49.3% to Rs 1234.52 crore in Q2 September 2014 over Q2 September 2013.

Cox & Kings is the longest established travel company in the world. Its distinguished history began in 1758 when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier.

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