Restaurant Brands Asia Limited has informed the Exchange about receipt of approval of Competition Commission of India for the Proposed Transaction.
RBA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 1.6 pts less than its Restaurants peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Restaurant Brands Asia has received Competition Commission of India (CCI) approval for the proposed change of control transaction. The transaction involves a preferential issue of 12.85 crore equity shares at INR 70 per share (~INR 900 crore) to Lenexis Foodworks, plus 8.57 crore warrants (~INR 600 crore), and sale of 6.56 crore existing shares (11.26%) by QSR Asia and F&B Asia Ventures at the same price. Upon completion, Acquirers led by Aayush Agrawal will become the new promoters, replacing the existing sellers. An open offer to shareholders was also made as part of this takeover. The CCI approval removes a key regulatory condition for closing.
This clears a major regulatory hurdle for the ~INR 1,500 crore transaction. The change of control at INR 70 per share (vs current market price ~INR 130-140) suggests a significant premium being paid, which is positive for selling shareholders. The stock may see upward movement as the deal moves closer to completion.