Monitoring Agency Report w.r.t. utilization of proceeds from Qualified Institutions Placement.
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Restaurant Brands Asia raised INR 500 crore through a QIP in March 2025. ICRA Limited, the monitoring agency, has confirmed that proceeds are being utilized as per the disclosed objects with no material deviations. As of March 31, 2026, INR 360.99 crore (72%) has been utilized: INR 72 crore fully used for debt repayment, INR 189.70 crore for new restaurant expansion (out of INR 325 crore allocated), and INR 79.38 crore for general corporate purposes. The remaining INR 139.01 crore is deployed in safe instruments: INR 25 crore in HDFC Fixed Deposit, INR 66.84 crore in low-duration mutual funds, INR 43.54 crore in money market funds, and INR 3.63 crore in the QIP monitoring account. Issue-related expenses came in lower than estimated (INR 19.91 crore vs INR 21 crore), allowing a small revision to the GCP allocation.
QIP proceeds are being deployed on schedule with no deviations. The company has utilized 72% of funds with INR 139 crore safely parked in liquid instruments, suggesting responsible capital deployment ahead of restaurant expansion.