Block Deal Alert: Why Restaurant Brand Asia shares hit 52-week high – Explained
Restaurant Brands Asia – previously known as Burger King India, witnessed high stock movement on Friday, September 15 as eight investors picked nearly 24 per cent equity stake in the company after the promoter QSR Asia offloaded more than 25 per cent shareholding through an open market transactions.
Shares of Restaurant Brands Asia climbed as high as 6.7 per cent during Friday’s trading session and hit a fresh 52-week high at ₹137.85 apiece. The stock settled 6.34 per cent higher at ₹128.35 apiece on the BSE.
Tata Mutual Fund, TD Emerging Markets Fund, Plutus Wealth Management LLP, Amal N Parikh, Quant Mutual Fund, ICICI Prudential Life Insurance Company, Goldman Sachs Funds-Goldman Sachs Asia Equity Portfolio, and Franklin Singapore 3 Banken Asia Stock-Mix have cumulatively bought 23.92 per cent stake or 11.83 crore equity shares in the quick-service restaurant chain, according to block deal data on NSE.
According to NSE data, the promoter entity QSR Asia Pte Ltd was the seller in the deal, offloading 12.54 crore shares, equivalent to 25.36 per cent of the paid-up equity, at the same average price. On Friday, Restaurant Brands Asia said in a statement that QSR Asia Pte had cut its stake in the firm to 15.44 per cent from 40.80 per cent, according to news agency Reuters.
Last month, Restaurant Brands Asia reported a steeper first-quarter loss, as the company incurred higher raw material expenses while also spending heavily on more stores. The restaurant chain’s consolidated net loss widened to ₹504.8 million for the quarter ended June 30, from ₹475 million a year ago, according to its exchange filing.
Total expenses increased over 21 per cent to ₹6.72 billion, with cost of materials consumed climbing 26 per cent due to rise in costs of ingredients including cheese and vegetables.
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Updated: 16 Sep 2023, 09:47 PM IST
