Burger King India in a regulatory filing to the Bombay Stock Exchange stated that the proposed moves are subject to regulatory and shareholder approval.
Burger King India informed on Wednesday that the company's board has approved raising up to Rs 1,500 via issuance of securities. Additionally, the Indian arm of the burger chain stated it would be renaming the company to 'Restaurant Brands Asia Limited' from 'Burger King India Limited'. The company informed about the board decisions in a regulatory filing to the Bombay Stock Exchange.
The company informed that the raising of funds would be facilitated by the issuance of securities through private or private offering such as preferential issue, qualified institutions placement, further public offer or any other permissible modes in one or more tranches. The fundraise would be facilitated only after shareholder and regulatory approvals.
Burger King India was incorporated back in 2013. It was a joint venture between Singapore-based private equity firm, Everstone Group and Burger King Worldwide.
It made its debut on Dalal Street on December 2, 2020.
The brand 'Burger King' is owned by the North American company, Restaurant Brands International. It is also the parent company of popular brands such as 'Tim Hortons' and 'Popeyes'.
Additionally, the renaming would require a go-ahead from the Ministry of Corporate Affairs, Office of The Registrar of Companies, Central Processing Centre among other necessary shareholder and regulatory approvals.
The burger chain informed that the authorised share capital of the company has been raised from Rs 505 crore to Rs 600 crore. Previously, divided into 50.5 crore shares of Rs 10 apiece would now be computed to 60 crore equity shares of Rs 10 apiece.
At the time of publishing, the company's stock was trading 0.16 per cent up at Rs 156.35 on the BSE. On the NSE, the stock was trading 0.13 per cent higher at Rs 156.20.