- Advertisement -
Thursday, February 25, 2021
- Advertisement -

Cox & Kings appoints merchant bankers for possible sale of Meininger business

Shares of Cox & Kings hit 5% lower circuit on Wednesday after the tour and travel services firm said it appointed merchant bankers for a possible sale of its Meininger hotels business, as it seeks to meet its financial obligations.

00:04:48

Throwback Video: Recording Of Song Ishq Da Challa (2003)

This throwback video features the recoding of song 'Ishq Da Challa' from album Surya that came out in 2003. Alka Yagnik, Udit Narayan and...
00:09:22

Throwback Video: Music Launch Of Bombay (1995)

Bombay is a 1995 romantic drama film released in Tamil, Telugu, Malayalam and Hindi language. It was written and directed by Mani Ratnam and...
00:02:35

Justin Timberlake | Unseen Interview

The documentary aired an old interview when Justin Timberlake spoke about his life and future plans. Justin Timberlake began his career on The New Mickey...

Shares of Cox & Kings hit 5% lower circuit on Wednesday after the tour and travel services firm said it appointed merchant bankers for a possible sale of its Meininger hotels business, as it seeks to meet its financial obligations.

The stock price of Cox & Kings India fell 5% to hit the lower circuit, a new 52 week and also an all-time low of Rs 3.61 on Thursday’s trading session. Cox & Kings India’s share is trading lower than 5, 20, 50, 100 and 200-day moving averages

Overall 4.9 lakh shares and 3.7 lakh shares are changing hands on BSE and NSE, respectively. With high selling interest, there are only sellers offering (48,50,509) and no buyers (0) bidding for the stock.

The stock has underperformed compared to the Travel Support Services sector by 4.94% and has lost over 65% returns in the last 21 sessions.

M-cap wise, the market capitalisation stood at Rs 70.45 crore on Sept 3, when exchange bourses had asked for clarification on the media report quoting “Cox & Kings said to weigh sale of European hotel chain Meininger”. Today the market cap, as of 1405 IST, stands at Rs 63.74 (Rs 6.71 cr overall m-cap lost)

As per the regulatory filing, the company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets and is in the process of evaluating the potential of every business to generate cash flows.

“The company cannot share any additional details at this stage due to confidentiality agreements,” the filing said adding that the company will make an announcement and inform the stock exchanges once the process concludes.

“We have appointed merchant bankers for a possible sale of our Meininger business,” the BSE filing added.

As of 1530 IST share price of Cox & Kings India were trading 5% lower at Rs 3.61 on BSE.

For latest entertainment news, bollywood news, hollywood news, celebrity gossips, latest movie reviews, entertainment news and gossips in hindi - follow Lehren on Facebook, Twitter and Youtube.

↓       Scroll down for next story      ↓

00:01:10

Rakhi Sawant Reveals The Real Reason Why She Participated In Bigg Boss 14

Rakhi Sawant reveals she participated in Bigg Boss 14 even as she was going through a particularly painful phase in life.
00:01:09

Mira Rajput Reveals The Most Annoying Habit Of Shahid Kapoor

Shahid Kapoor and Mira Rajput make one lovely couple. They don’t shy away from indulging in PDA on social media and that’s exactly what...
00:01:12

Bollywood Actors Make Their Version Of ‘Pawri Ho Rahi Hai’

Social media users recently exploded with a viral clip known as 'Pawri Ho Rahi Hai'. A 19-year-old Pakistani influencer had posted a short clip...
- Advertisement -