Burger King files for IPO, plans to raise Rs 541.9 cr

Updated: Oct 22,2020 14:21 GMT

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IANS

Tags: Business
Mumbai, Oct 22 (IANS) Quick service restaurant major Burger King India has filed a draft prospectus for an initial public offering (IPO).

The company plans to raise Rs 541.9 crore through the fresh issue.

The addendum to the draft red herring prospectus said that the company has undertaken and may further undertake a pre-IPO placement of shares worth up Rs 150 crore, at its discretion, prior to filing of the Red Herring Prospectus with the RoC.

"In this regard, our company has undertaken a Pre-IPO Placement by way of a rights issue of 1,32,00,000 Equity Shares to our Promoter Selling Shareholder for cash at a price of Rs 44 per equity share aggregating to Rs 580.80 million pursuant to the resolution of the Board dated May 23, 2020," it said.

The size of the fresh issue of up to Rs 600 million has been reduced by Rs 58.08 crore pursuant to the Pre-IPO Placement, and accordingly, the fresh issue size is up to Rs 541.92 crore.

The company had earlier filed draft papers with the capital markets regulator in November 2019 to raise Rs 400 crore through fresh issue of shares and an offer for sale of up to 6 crore equity shares by QSR Asia.

Now it has increased the size of the fresh issue after the SEBI provided relaxation till March 31 to companies in respect of filing of fresh offer document in case of increase or decrease of issue size by 50 per cent.

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