MUMBAI : Private equity firm Everstone Group promoted Burger King India Ltd on Friday and set the price band at ₹59-60 per share for its initial public offering (IPO), which is scheduled to launch on December 2.
The proposed initial public offering will cause the company to increase ₹810 crore, which includes a new issue of shares worth ₹450 crore, while the promoter QSR Asia Pte Ltd will sell up to 60 million shares, adding ₹360 crore at the higher end of the price band.
Burger King India will use the funds to deploy new company-owned Burger King restaurants through: repayment or prepayment of outstanding company loans obtained for the creation of new company-owned Burger King restaurants and capital expenditures incurred for the creation of company-owned new Burger King restaurants, the company said in its red herring.
The company has also raised pre-IPO funding from ₹Rs 92 million from public markets investor Amansa Investments Ltd. Shares were allocated to Amansa at a price of ₹58.5 per share.
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