Fast food brand Burger King said in a stock exchange filing that its board, on December 15, approved fundraise of up to Rs 1,500 crore through issuance of securities.
This will be via “public and/or private offerings including preferential issue, qualified institutions placement (QIP), further public offer or any of the permissible modes in one or more tranches”, the filing stated.
It added that the fund raising will be subject to applicable laws and necessary shareholder and statutory or regulatory approvals.
The board has also approved a change in the name of the company from ‘Burger King India Limited’ to ‘Restaurant Brands Asia Limited’.
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The name change will be implemented pursuant to confirmation and reservation by the Registrar of Companies, Ministry of Corporate Affairs (MCA), and subject to necessary approvals.
The Board also addressed a third matter of increasing the authorised share capital and altering the companies’ Memorandum of Association.
As per the approval, the authorised share capital of the company has been increased from Rs 505 crore divided into 50.50 crore equity shares worth Rs 10 each to Rs 600 crore divided into 60 crore equity shares of Rs 10 each.
The Board will seek approval of members on these matters through the postal ballot process, the filing added.
At 11:35 hours, shares of Burger King India were trading 1 percent higher at Rs 157.70 on the BSE.
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