Travel operator Cox & Kings expects to close out acquisitions of travel firms in the US and Europe by the end of this fiscal, a senior official said on Wednesday.
The tour operator is sitting on liquid funds of over Rs 1000 crore predominantly marked for acquisitions, Chief Financial Officer Anil Khandelwal told Reuters. "We are looking at large acquisitions which would be transformational in size, which would give a very strong robustness to the existing P&L (income statement)," Khandelwal said. The firm, the parent of UK-based unlisted Cox and Kings, gets over half its overall revenues from its international operations and is looking at more overseas buys to drive future earnings and growth. Last year, Cox & Kings had received shareholder approval to raise up to Rs 2000 crore for global acquisitions via equity and debt. In August, it raised USD 65 mn through an offering of global depository receipts. "I don't think we will be having any equity dilution in the near future as we are fairly well capitalised," Khandelwal said. Cox and Kings also plans to expand its outlets in India to 200 by the end of March from around 120 now through the franchisee route, he said. Cox & Kings shares closed down 0.73% at Rs 545 in a weak Mumbai market.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
