Holidays, education and travel group Cox & Kings Ltd has announced on Friday that its 100% subsidiary Prometheon Enterprises Ltd (PEL) has sold an additional stake of 3 % in Prometheon Holdings (UK) Limited (PHUK) to an investee company of SSG Capital Management.
In the first tranche, had announced on March 22, 2018, that PEL had sold 11.58% stake to SSG Capital Management. PEL along with C&K India earlier held 65.58% of PHUK, which houses the education and hybrid hotels businesses.
Pursuant to the stake sale in two tranches, Cox & Kings Group will hold 51% of PHUK through PEL & C&K India while SSG Capital will hold 49%. In November 2017, SSG Capital had first invested in PHUK when it bought The Rohatyn Group’s (TRG) entire stake of 34.42%.
The 3% stake is valued at Rs 110 crore net of taxes.
