Promoter QSR Asia Pte sells 25.4% stake in Restaurant Brands Asia for Rs 1,494 crore

Promoter entity QSR Asia Pte Ltd on Friday, sold a 25.4% stake in Restaurant Brands Asia through a block deal, according to a disclosure on the exchanges.

QSR Asia Pte is the investment vehicle of Singapore-based Everstone Capital Advisors.

Everstone, through this entity, sold 12,54,41,820 shares of the company for Rs 1,494 crore.

As of June end, QSR Asia held a 40.8% stake in the restaurant chain operator. Following the sale, it holds a 15.4% stake in Restaurant Brands Asia.

The buyers of the shares could not be ascertained at the time of writing this report.

However, recent reports said that Everstone Capital was looking at selling its entire stake in Restaurant Brands Asia Ltd, the master franchisee of Burger King in India and Indonesia, and that it was in talks with Jubilant Foodworks, as well as a consortium of private equity firms Advent International and General Atlantic.

However, the stake was likely picked by strong buyers as the stock rebounded from the day’s low of Rs 127.20 to a 52-week high of Rs 137.70. The stock was trading 6.3% higher at Rs 128 on the National Stock Exchange at the time of writing this report.The transaction triggered a surge in the volumes on the counter, as more than 57 million shares changed hands on the NSE, way higher than the six-month average trading volume of 1.9 million shares.

Shares of the company have slightly outperformed the benchmark Nifty50, gaining nearly 15% so far in 2023. The benchmark has given a little over 11% returns in the same period.

For the quarter ended June, the company reported a loss of Rs 22.2 crore, compared to a loss of Rs 22.8 crore in the corresponding period last year. Revenue from operations increased more than 25% on year to Rs 422 crore.

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