Citi venture fund to invest $138 mln in India`s Cox & Kings

Citi venture fund to invest $138 mln in India's Cox & Kings

Last Updated: Thu, Aug 23, 2012 18:41 hrs

NEW DELHI, Aug 22 (Reuters) - Indian tour operator Cox & Kings Ltd said on Wednesday Citigroup's venture capital arm will invest $137.75 million in its U.K. unit, sending its shares up 8.2 percent.

The funds will be used to retire the debt Prometheon Holdings, Cox & King's U.K unit, raised when it bought British specialist travel company Holidaybreak last July.

The company, the parent of UK-based unlisted Cox and Kings, gets around half its overall revenue from its international operations and has been looking at overseas acquisitions to tap the booming outbound market and drive future earnings growth.

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