Fine dining operator Speciality Restaurants Ltd. is launching its public issue of 1,17,39,415 equity shares of Rs.10 each on May 16, 2012. The issue will constitute 25% of the post-issue paid-up capital.
Promoters Anjan Chatterjee and Suchhanda Chatterjee will reduce their stake in the company to 60.69 percent post issue. The issue will close on May 18.
The company intends to utilize the IPO proceeds for development of new corporate restaurants involving an outlay of Rs.144.69 crore, development of a food plaza at a cost of Rs.15.10 crore, and repayment of a term loan facility to the extent of Rs.10.43 crore. As per Draft Red Herring Prospectus filed with the market regulator SEBI, the company plans to open 48 corporate restaurants.
The company provides an affordable fine dining experience with quality food and service in a modern ambience, with 62 restaurants and 11 confectioneries as of December 31, 2010.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager to the issue and Link Intime India Pvt. Ltd. is the registrar.
by RTT Staff Writer
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