Cox & Kings up on unit's partnership, debt retirement plans

Reuters Market Eye - Cox & Kings Ltd gains 2 percent.

Unit in partnership with Fonciere des Regions that could lead to up to 400 mln euros ($492 mln) of hotel investments in next four years.

Also raised 10 bln rupees ($161.6 mln) from share sale in Nov for retiring debt.

Company's debt will come down to 24 bln rupees in 2015 from 45 bln rupees in 2014, CFO Anil Khandelwal tells Reuters.

Capex requirement has almost halved, while share sale proceeds and annual cash flows of 5 bln rupees till FY17 would be mostly used to retire debt, he says ($1 = 0.8127 euro) ($1 = 61.9000 rupees)

 

(Reporting by Abhishek Vishnoi)