Cox and Kings sells $65 million of GDRs

The Indian travel company comes to market days after MakeMyTrip soars in its US trading debut.

Cox and Kings, an Indian travel agency business with roots dating back more than 250 years, yesterday raised $65 million from the sale of its first ever global depositary receipts GDRs. The deal followed a non-deal roadshow and was well received by large global long-only investors who already have Indian funds or who are looking for exposure to the South Asian country.

Like many other Indian follow-on deals that have to adhere to restrictive floor prices, the offering...

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