Speciality Restaurants Ltd. shares spurted nearly 11 percent to touch a 52-week high in morning deals on Tuesday ahead of the extraordinary general meeting (EGM) of shareholders on January 18. The board will consider a Rs 127.23 crore fund infusion through a preferential issue of warrants at the EGM.
The company will seek shareholders’ approval for an issue of up to 60 lakh warrants convertible into equity shares at a price of Rs 212 each, aggregating up to Rs 127.23 crore on a preferential basis at the EGM.
The allottees are neither promoters nor are they part of the promoter group, and will be a part of the category of public shareholders of the company.
The company in an exchange filing on Monday stated that it has obtained an addendum (dated January 14, 2023) to the Valuation Report dated December 21, 2022, which inter alia sets out the values derived under different methods considered relevant by the Registered Valuer in its above referred Valuation Report.
However, no change is required to the issue price for the proposed preferential issue as proposed in the notice of the EGM.
Speciality Restaurants owns a chain of fine dining, casual dining, bar and lounge as well as bakery and confectionery outlets in over 25 cities in India and overseas. The company owns popular restaurant brands like Oh! Calcutta, Mainland China and Asia Kitchen by Mainland China in India.
Earlier this month, Speciality Restaurants’ founder Anjan Chatterjee told CNBC-TV18 that the company plans to open 12-15 restaurants in the next 24 months. These restaurants will be located in existing and newer tier-2 cities.
The company also operates restaurants in Dhaka (Bangladesh), Dar-es-Salaam (Tanzania), Colombo (Sri Lanka), and recently in Dubai (UAE). With ongoing expansion plans, it aims to launch operations soon in London, Canada, the United States, and Bahrain.
The Speciality Restaurants stock ended 9.11 percent higher at Rs 273 on Tuesday.
