Cox & Kings surged over 4 per cent in the morning trade on the bourses today, boosted by the company’s announcement that it will acquire UK-based Holidaybreak Plc for an estimated £312 million (around Rs 2,250 crore).
The announcement was made after market hours yesterday.
After a smart beginning, the stock touched an early high of Rs 201.05, up 4.19 per cent on the BSE. However, within minutes, the stock pared some of the early gains and was later trading higher by just 1.5 per cent at Rs 195.85.
In a similar fashion, the scrip jumped 4.19 per cent on the NSE in the early trade and was later quoting at Rs 195.90, up 1.56 per cent from the previous close.
The latest announcement comes less than a week after travel services provider Cox & Kings said it acquired a minority stake in US travel firm Radius for an undisclosed amount.
The boards of Cox & Kings and Holidaybreak have approved the transaction, which is expected to be completed by the end of September.
Holidaybreak has interests in travel services, including education activity trips for children.
The acquisition would be done through Cox & Kings’ wholly-owned subsidiary, Prometheon Holdings, for £312 million (around Rs 2,250 crore).