The Board of Cox & Kings Limited (BSE:533144) announced the spin-off of 81% stake in Cox & Kings Financial Service Ltd to its shareholders on May 30, 2017. Under the terms of the transaction, Cox & Kings Financial Service Ltd will issue 1 equity share of Cox & Kings Financial Service Ltd for every 3 equity shares in Cox & Kings Limited. The Board of Directors of Cox & Kings Limited at its meeting held on October 15, 2018, has fixed the record date as October 26, 2018 for the purpose of scheme of demerger. The turnover of Forex Business for financial year 2016-17 is INR 937.6 million. The deal is subject to approval from shareholders of Cox & Kings Financial Service Ltd and Cox & Kings Limited, BSE Ltd, National Stock Exchange of India Ltd, SEBI, High Court and other statutory authorities. The deal is unanimously approved by Board of Cox & Kings Limited and recommended for approval by the audit committee of the Board of Cox & Kings Limited. Cox & Kings Financial Service Ltd will apply for listing on Bombay Stock Exchange and National Stock Exchange post receipt of order of National Company Law Tribunal (NCLT), Mumbai branch. Bombay Stock Exchange and National Stock Exchange have approved the deal on October 31, 2017 and October 30, 2017 respectively. As on March 26, 2018, National Company Law Tribunal directed Cox & Kings Limited to convene a meeting of its equity shareholders for seeking their approval to the scheme of arrangement. A meeting of the shareholders of Cox & Kings Limited will be held on May 10, 2018 to seek approval for the transaction. After that, the result of the meeting will be submitted to NCLT. Upon sanction by NCLT and obtaining regulatory approvals, applications will be submitted to Bombay Stock Exchange and National Stock Exchange for the listing of shares of Cox & Kings Financial Service Ltd. As on May 10, 2018, the proposed resolution approving the scheme was passed with requisite majority by the equity shareholders of Cox & Kings Limited. As of August 2, 2018, the transaction was approved by NCLT. VP Thacker & Co issued report on share entitlement ratio and Axis Capital Limited provided fairness opinion to the Board of Cox & Kings Limited.

Cox & Kings Limited (BSE:533144) completed the spin-off of 81% stake in Cox & Kings Financial Service Ltd on September 12, 2018. The transaction became effective upon receipt of approval of Reserve Bank of India for the transfer of AD-II license to Cox & Kings Financial Service and upon filing of the order of National Company Law Tribunal with Registrar of Companies.