Promoter stake in Cox & Kings down to 39% over payments default

The promoter stake in travel services company Cox & Kings has reduced 10 percentage points, to 39.73 per cent, with its lenders having invoked pledged shares.

This came in the wake of the default on commercial paper payments and rating downgrades in recent weeks.

The 260-year-old entity is owned by the Kerkar family, through various domestic and foreign-based entities. The promoters held 49.8 per cent stake in the company as of March 31; by end-June this had reduced to 39.73 per cent, the firm said in a stock exchange notification. A little over 69 per cent of the promoter shareholding was pledged