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Exclusive: Cox & Kings' promoters willing to divest majority stake to raise capital

The company has appointed Axis Capital as its merchant banker to scout for investors. Last month, the company defaulted twice on its commercial papers

July 08, 2019 / 08:58 AM IST
 
 
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Promoters of travel firm Cox & Kings, which defaulted twice last month on its commercial papers, have reached out to potential investors to divest stake and raise capital.

Sources told Moneycontrol that the promoters are willing to divest majority stake as they look to correct the cash flow mismatch that had led to the defaults. The two defaults amounted to Rs 200 crore in total.

The company has appointed Axis Capital as its merchant banker.

"The promoters are looking to divest stakes in some of the units, or could sell one or more of their products. While these are initial days, the company has received interest from some of the biggest names in the private equity space," an executive said.