Cox and Kings rallies nearly 5% on fund raising plans for its UK business

Shares of Cox and Kings, an independent tour company, surged nearly 5 per cent after the company said it is planning to raise up to USD 140 million from an institutional investor for its UK subsidiary.

The board of directors of the company will meet on May 15, to consider and approve an investment from an institutional investor of up to USD 140 million at Prometheon Holdings (UK) Limited, a wholly owned subsidiary of the company.

The investment will involve a minority stake for fresh capital issued to the prospective investor.

The shares of the company touched a day's high of Rs 150.40 and was currently trading at Rs 147.05, up 2.33 per cent.

In a similar fashion, shares of the company were quoting at Rs 147.30 a piece, up 2.08 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 16,176.49, up 146.40 points at 10:10 hours.