Cox & Kings’ arm pares stake in Prometheon Holdings (UK)

Prometheon Enterprises Ltd. (PEL), a fully-owned company of Cox & Kings Ltd. (C&K), has sold an additional 3 % shares in Prometheon Holdings (UK) Ltd. (PHUK) to an investee company of SSG Capital Management for ₹ 110 crore net of taxes. The proceeds will go to retire debt.

In the first tranche, announced on March 22, PEL had sold 11.58% stake to SSG Capital Management for ₹ 450 crore.

PEL along with C&K India earlier held 65.58% of PHUK, which houses the education and hybrid hotels businesses.

After 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 entire stake of 34.42%.