Cox & Kings gains after board OKs fund raising

Cox & Kings rose 1.49% to Rs 324.50 at 13:00 IST on BSE after the company said its board approved raising upto Rs 1200 crore through equity or equity linked securities.

The announcement was made during trading hours today, 9 October 2014.

Meanwhile, the BSE Sensex was up 264.34 points, or 1.01%, to 26,511.13.

On BSE, so far 1.44 lakh shares were traded in the counter, compared with an average volume of 1.42 lakh shares in the past one quarter.

The stock hit a high of Rs 331 and a low of Rs 320.80 so far during the day. The stock hit a 52-week high of Rs 366.30 on 16 September 2014. The stock hit a 52-week low of Rs 84.85 on 29 October 2013.

The stock had outperformed the market over the past one month till 8 October 2014, rising 7.37% compared with 3.93% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.63% as against Sensex's 2.60% rise.

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

The board of Cox & Kings approved raising of funds for an amount not exceeding Rs 1200 crore through issuance of securities including equity shares or equity linked securities, including through a qualified institutions placement/issuance of equity shares through convertible bonds, depository receipts/any other instrument convertible or exchangeable into equity shares/other securities with or without warrants, to eligible investors.

On a consolidated basis, Cox & Kings' net profit fell 5% to Rs 128.09 crore on 26% in net sales to Rs 738.72 crore in Q1 June 2014 over Q1 June 2013.

Cox & Kings is the longest established travel company in the world since 1758. Headquartered in India, it is a premium brand in all travel related services.

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