Cox & Kings - early gains from LateRooms
Early morning trades. Cox &Kings spurted up 4% to Rs.256 and then it came off; currently it is traded at Rs.250, up around 1.5%. Less than a month ago it had hit a new 52-week low at Rs.200.25.
The company announced today morning that it has acquired 100% of issued and outstanding shares of LateRooms from TUI group for Rs.85 crore or 8.5 million pounds.
Late Rooms is an online hotel booking site, based in UK. It has 35 lakh opted-in and active consumer database and at the end of its fiscal 30th Sept 2015, it has 930 lakh online visits, generating net revenues of 50 million pound.
With this acquisition, Cox & Kings said that it was confident of bringing the LateRooms brand and technology into fold that will provide a significant boost to its growth trajectory and technology capabilities. And more importantly, this buy also fits into the group’s strategy of expanding its global online and B2C leisure proposition.