Promoters of Cox & Kings Limited (NSEI:COX&KINGS), which defaulted twice last month on its commercial papers, have reached out to potential investors to divest stake and raise capital. Sources told Moneycontrol that the promoters are willing to divest majority stake as they look to correct the cash flow mismatch that had led to the defaults. The two defaults amounted to INR 2 billion in total. The company has appointed Axis Capital as its merchant banker. "The promoters are looking to divest stakes in some of the units, or could sell one or more of their products. While these are initial days, the company has received interest from some of the biggest names in the private equity space," an Executive said. When contacted, the company refused to comment.