Partner Article

Citigroup invest £87m into UK-based Indian tours operator

Citigroup announced £87m of investment into a UK-based specialist company in Indian holidays today, causing share prices to rise.

Shares in Cox & Kings have seen a significant spike in prices after Citi announced the lump sum injection into the business.

Citigroup are set to fund the travel company to reduce debts raised when Cox & King’s parent company, Prometheon Holdings, bought up UK travel firm Holidaybreak last year.

The investment from Citigroup’s venture capital arm will be used to reduce the deficit, while the company has already enjoyed the benefits of Citi’s backing, with an increase of 8.2% in share prices since the announcement was made.

On the Mumbai market Cox & Kings shares closed 5.42% higher at 147.80 rupees (£1.68) after a significant increase of 8.2% on the announcement of Citi’s investment.

Cox & Kings is the world’s oldest travel firm and have been established for over 250 years, and have bases in Australia, USA, Germany, Hong Kong, Greece and Singapore

This was posted in Bdaily's Members' News section by Miranda Dobson .