Cox & Kings sells 11.58% stake in education and hotels arm for Rs 4.5 bn

Post sale, Cox & Kings will hold 54% stake in the business and the deal values the company's equity holding at $353 mn

Cox & Kings sold 11.58 per cent stake in its education tours and hybrid-hotel business in Europe to  global fund SSG Capital Management for Rs 4.5 billion. The tour operator will use the entire proceeds to retire the company debt. As of last December, the company had gross debt of over Rs 40 billion.

Post sale, Cox & Kings will hold 54 per cent stake in the business and the deal values the company's equity holding at $353 million.

In 2011, Cox & Kings acquired UK-based firm Holidaybreaks, a specialist in education tours, in a Rs 23-billion deal. The firm