Cox & Kings’ IPO gets ‘Grade 4’ from rating agency CARE
Cox and Kings (India) Limited, one of the India's oldest tour operators, has been assigned an IPO Grading of 4 to its proposed IPO by Rating agency CARE.
The latest grade indicates above average fundamentals. It should be noted that CARE assigns IPO grades on scale of Grade 5 to Grade 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.
Two month earlier, the Company has filed its Draft Red Herring Prospectus (DRHP) with market regulator to enter the capital market with an Initial Public Offering of 1.84 crore equity shares of Rs. 10 each for cash at a price to be decided through a 100% Book-Building Process.
The raised amount will be utilized on capital expenditure towards operational headquarters and corporate offices, upgrade its existing operations, set up new shops, Investment in overseas subsidiaries, repayment of loans, acquisitions and general corporate purposes.
The issue comprises a fresh Issue of 1.54 crore Equity Shares and an Offer for Sale of 30.46 lakh equity shares by Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana, S. A., S. V.
The Equity Shares are proposed to be listed on BSE and the NSE.