Burger King-operator Restaurant Brands Asia (RBA) announced that its board will meet on Friday, December 20, to consider raising funds via a preferential issue, qualified institutions placement (QIP) or other methods. In a regulatory filing, the company said, “We wish to inform you that a meeting of the Board of Directors (the Board) of Restaurant Brands Asia Limited (the Company) will be held on Friday, December 20, 2024 to consider, inter alia, proposal for raising of funds through any or all of various methods including by way of preferential issue, qualified institutions placement or any other method as may be permissible, subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the company.”
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It further said that the board will also consider convening a general meeting/postal ballot process to seek approval of the shareholders in respect of the aforesaid proposal of fundraising.
On this, the shares of Restaurant Brands Asia fell 3.5 per cent to Rs 81.64 from the day’s high of Rs 84.52.
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Earlier in October, Restaurant Brands Asia had reported its fiscal second quarter earnings with a widened loss for the period at Rs 65.45 crore from a loss of Rs 50.65 crore recorded during the same period of previous financial year. The quarter saw fast-food chains struggling to attract consumers with consumers cutting back on discretionary spending due to rising prices of essentials, including food. Burger King launched some of the cheapest menu items and deals in the industry in India, including two vegetarian burgers at Rs 79 and two pizza puffs at Rs 59 this year.
The company recorded Q2 revenue at Rs 632.43 crore, posting a growth of 1.20 per cent as against Rs 624.90 crore during the second quarter of FY24.
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