Cox & Kings appoints merchant bankers for possible sale of Meininger business

Tour and travel services firm Cox & Kings on Wednesday said it has appointed merchant bankers for a possible sale of its Meininger hotels business, as it seeks to meet its financial obligations.

In a regulatory filing, Cox & Kings said as stated in its earlier stock exchange filings, the company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets, and is in the process of evaluating the potential of every business to generate cash flows.

"We have appointed merchant bankers for a possible sale of our Meininger business," it added.

Shares of Cox & Kings Ltd closed at Rs 3.80 per scrip, down 4.76 per cent from its previous close.