May 2008
M T W T F S S
« Apr   Jun »
 1234
567891011
12131415161718
19202122232425
262728293031  

Contact us

Merrill, Deutsche Bank eye stake in Cox & Kings

Global financial major Merrill Lynch, Deutsche Bank and Indivision, the private equity arm of Future Group, are in race to buy into Cox & Kings, one of India's oldest travel services firm. A source said the tour operator is considering a pre-IPO placement of its shares with some investors and is in talks with the foreign financial institutions and private equity funds. However, another source said US-based Merrill Lynch is the frontrunner. The deal is being brokered by City-based Enam Securities. The primary objective of companies opting for a pre-IPO placement is that it sets the benchmark to identify the public issue price. The promoters – the Peter Kerkar family – plans to sell 8-10% to the new investor for Rs 135 crore. The deal, if consummated, will put the valuation of Cox & Kings at Rs 1,350 crore. The company plans to utilize the funds to expand the business, including acquisitions. [...]