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Tuesday, June 13, 2006

Cox & Kings postpones IPO plans

Tour operator Cox & Kings, C&K, India has postponed its initial public offering, IPO, plans by 6-12 months, reports Business Standard.

According to a company spokesperson, the ongoing volatile market scenario is a major factor for the company’s decision.

The company had plans to get listed by early 2006.

Indian operations being the most remunerative for the group, C&K has plans to shift its headquarters from UK to India, Good had said earlier.

C&K registered a total revenue of Rs 700 crore in 2005, more than 50 per cent of which was generated by its Indian operations.

Currently, C&K India is a subsidiary of C&K UK. C&K India has plans to buy out C&K UK to become the promoter company. Automatically, the stake of C&K UK in its sister concerns in Japan, US, Italy, Turkey and Australia will be transferred to C&K India, post-buyout.

The Kerkar family (of hotelier Ajit Kerkar) and C&K UK are major stakeholders in C&K India. C&K, established in 1758, is one of the oldest existing companies in the world.

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