Everstone exits; deal includes Rs 1,500 crore capital infusion, open offer to shareholders
Inspira Global will acquire a controlling interest in Restaurant Brands Asia (RBA), the operator of Burger King restaurants in India, through a combination of buying out Everstone Capital’s stake for Rs 460 crore and infusing fresh capital of Rs 1,500 crore, the company said on Tuesday.
The transaction will be executed through Lenexis Foodworks, Inspira Global’s food and beverage arm and will result in Everstone-backed QSR Asia exiting its entire 11.26 per cent holding in RBA.
Deal Structure And Funding
As part of the deal, Inspira Global plans to invest Rs 900 crore through a preferential issue of equity shares and Rs 600 crore via preferential allotment of warrants at Rs 70 per share. Upon completion, Inspira’s stake in RBA will rise to about 35 per cent, triggering an open offer to acquire an additional 26 per cent stake from public shareholders, valued at Rs 1,456 crore under Sebi takeover regulations.
The proposed acquisition is subject to customary approvals, including from shareholders and regulatory authorities such as the Competition Commission of India.
Lenexis Foodworks, promoted by Aayush Agrawal and Madhusudan Agrawal, has over a decade of experience in the quick-service restaurant segment and operates more than 250 Chinese Wok outlets across 45 cities in India.
“We are excited to welcome Aayush Agrawal and Inspira Global as our new promoter,” said Rajeev Varman, Whole-time Director and Group Chief Executive Officer, Restaurant Brands Asia. “RBA will continue to operate with its existing leadership team, operational structure and brand identity fully intact.”
Aayush Madhusudan Agrawal of Inspira Global said the acquisition would be a long-term investment focused on sustainable growth and value creation in the Indian quick-service restaurant market.
Restaurant Brands Asia operates the Burger King chain in India and Burger King and Popeyes outlets in Indonesia. The company has over 575 Burger King restaurants in India.
Inspira Global has diversified business interests spanning real estate, food and beverages, pharmaceuticals, luxury home products and clean energy.
