Burger King India stock climbs 3.5% on closure of QIP issue

Shares of Burger King India rose over 3% today after the firm announced  the closure of its qualified institutional placement (QIP).

The floor price of the issue was set at Rs 136.05 per share. The stock touched an intraday high of Rs 136.80, rising 3.5% against previous close of Rs 131.80 on BSE.

Burger King India stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has lost 5.6% in one year and fallen 4.06% since the beginning of this year.

Total 1.16 lakh shares of the firm changed hands amounting to a  turnover of Rs 1.55 crore on BSE. Market cap of the firm rose to Rs 5,197 crore.

The QIP opened on February 10. The indicative offer size for the base deal size was Rs 12,750 million with an option to raise it to Rs 14,250 million.

The indicative offer price was set at Rs 129.25 per equity, with a maximum of 5 percent discount.

"Approving the closure of the issue period for the Issue today i.e. February 15, 2022; b) Determining and approving the issue price of Rs 129.25 per Equity Share (including a premium of  Rs 119.25 per Equity Share), [which is at a discount of 5% (i.e. Rs 6.80 per Equity Share) to the floor price of Rs 136.05 per Equity Share] determined as per the formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the issue," the quick service restaurant chain said.

In Q3 of the current fiscal, Burger King India reported narrowing of net loss to Rs 15.15 crore against net loss of Rs 29.02 crore during October-December period of the previous fiscal year.

Revenue from operations rose 71.51 per cent to Rs 279.89 crore during the quarter under review as against Rs 163.19 crore in the corresponding period of 2020-21.