Mumbai: Travel company Cox & Kings (CKL) on Wednesday said it has raised around Rs 1,000 crore through qualified institutional placement (QIP) of equity shares of face value of Rs 5 each.
The company's board of directors at its meeting on Tuesday had approved the issue price at Rs 305 per equity share, including Rs 300 per share towards securities premium, the company said in a statement.
The board also approved closure of the issue on November 25, 2014, the statement said.
"Bulk of the proceeds will be utilised to pare down the debt and this will further strengthen the group balance sheet," Cox & Kings director Peter Kerkar said.
Cox & Kings remains focused on its education activity and leisure business, which is expected to grow at double digit rates, he added.
CKL is a holidays and education travel group since 1758, with operations in 23 countries across 4 continents. In India, it has presence in 149 cities across the country.
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