Cox & Kings Financial Service locked at lower circuit on first day of trade

Shares of Cox & Kings Financial Service, the subsidiary of travel company Cox & Kings, were locked at a 5 percent lower circuit of Rs 72.20 since the beginning of trade on April 11.

It was the first day of trade for the company on stock exchanges. The opening price of Rs 76 was fixed in pre-opening trade, which was also an intraday high.

Cox & Kings Financial Service is promoted by the Cox & Kings group which owns 19 percent in CKFSL.

In August 2018, the National Company Law Tribunal had sanctioned the scheme of arrangement for demerger of the foreign exchange division of Cox and Kings (CKL) into a separate entity – Cox & Kings Financial Service Limited w.e.f April 1, 2017.

The foreign exchange business was started in the year 2006 when Cox & Kings was issued the money changing license. Now, CKFSL holds an authorised dealer – Category II license and an NBFC license issued by the Reserve Bank of India.

The company is currently in two businesses verticals – forex services and financing.

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