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Burger King plans to raise Rs 1,500 crore through stock


Burger King plans to raise Rs 1,500 through stock

New Delhi:

Restaurant chain Burger King India on Wednesday said it plans to raise up to Rs 1,500 crore through the issuance of additional securities.

The company’s board of directors, at its meeting held on Wednesday, also approved an increase in authorized share capital to Rs 600 crore from Rs 550 crore, along with a change of company name from Burger King India Ltd. to become Restaurant Brands Asia. Ltd, it said in a regulatory filing.

The company said its board of directors approved the raising of capital by issuing additional securities through public and/or private offerings, including preferential issuance, issuance of qualified institutions, etc. event, further public offering or any other authorized method in one or more tranches.

This will be for a total amount not to exceed Rs 1,500 crore, subject to applicable law and the necessary approvals by shareholders and regulators, it added.

Although the company did not specify where the funds were intended to be used, Burger King India Ltd has been expanding.

Last month, it announced a binding offer to acquire an 83.24% stake in BK Indonesia, which operates the Burger King brand in Indonesia, from its existing shareholders for a business value. cash-to-cash business of $183 million cashless and debt-free basis.

Moreover, the company said that based on the confirmation and reservation of the name of the Ministry of Companies, the Office of the Registrar of Companies, the Central Processing Center, the board of directors also approved the change of the company’s name from ‘ Burger King India Ltd’ for ‘Restaurant Brands Asia Ltd’, it added.

However, this will be subject to shareholder approval and other regulatory approvals, the company said, adding that its board has decided to seek members’ approval through a vote by mail.

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