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Cox & Kings ready for market trip

Mumbai, Aug. 21: Tour operator Cox & Kings (India) Ltd has revived its plan for an initial public offering.

The company today filed a draft red herring prospectus with Sebi to enter the capital markets soon with an offer of about 1.8 crore equity shares at a price to be decided through 100 per cent book-building.

The public float comprises a fresh issue of about 1.5 crore equity shares and an offer for sale of about 30 lakh shares by Lehman Brothers Opportunity Ltd, Deutsche Securities Mauritius Ltd and Merrill Lynch Capital Markets Espana, S. A.

This takes the number of shares on offer to about 1.82 crore; another 2 lakh shares will be for the employees.

According to the company, the issue will constitute 29.40 per cent of the fully diluted post-issue paid-up capital.

Cox & Kings is also considering a pre-IPO placement with some investors and will complete the issue prior to the filing of the red herring prospectus with the Registrar of Companies.

The number of shares in the IPO would be reduced by an amount equal to the number offered in the pre-IPO placement.

Up to 50 per cent of the shares will be for qualified institutional buyers (QIB), which will be available on a proportionate basis. Of this, 5 per cent will be for mutual funds.

The QIB portion will also include the anchor investor portion.

Moreover, at least 15 per cent of the shares will be meant for non-institutional bidders, and 35 per cent for retail investors.

Cox & Kings had also filed papers with the market regulator last year. However, bad conditions led to the issue being postponed. The sensex, meanwhile, gained nearly 229 points today on brisk buying of realty, auto and IT scrips.

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