homemarket Newsstocks NewsRestaurant Brands Asia Block Deal: Promoter entity Everstone the likely seller Exclusive
Restaurant Brands Asia Block Deal: Promoter entity Everstone the likely seller - Exclusive
Sources further say that the deal has seen strong demand as 90 percent of the buyers have been long-only funds, while the other 10 percent has been bought by hedge funds.
Shares of Restaurant Brands Asia are trading 11 percent higher on Friday, September 15, after 25 percent of the company's equity exchanged hands in a large deal.
Sources tell CNBC-TV18 that Everstone, the company's promoter entity is likely to be the seller in this transaction that has sold the entire 25 percent stake.
As of the June quarter, Everstone held 25 percent stake in the company.
Sources further say that the deal has seen strong demand as 90 percent of the buyers have been long-only funds, while the other 10 percent have been bought by hedge funds.
Restaurant Brands Asia was also part of CNBC-TV18's dealing room chatter on Thursday.
12.54 crore shares or 25.4 percent of Restaurant Brand Asia's total equity had changed hands in the block deal. The transaction is said to be worth Rs 1,494 crore.
Abneesh Roy, Executive Director at Nuvama Institutional Equities told CNBC-TV18, "Overall for Restaurant Brands we have a ‘buy’, we have Rs 146 target price."
Restaurant Brands Asia owns and operates a chain of restaurants with the Burger King brand.
Shares of Restaurant Brands Asia are trading at a 52-week high in today's session. The stock is currently trading 10.2 percent higher at Rs 132.60. The stock has gained 16 percent so far in 2023.
(Edited by : Hormaz Fatakia)
First Published: Sept 15, 2023 9:43 AM IST
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