Fine dining operator in India Specialty Restaurants Ltd. said it had filed draft red herring prospectus with the market regulator Securities and Exchange Board of India or SEBI for public issue of 11,739,415 equity shares of Rs.10 each.
The company proposes to use IPO proceeds for the development of new corporate restaurants at a cost of Rs.144.69 crore (to be spent in FY12 and FY13), development of a food plaza at an investment of Rs.15.10 crore and repayment of a term loan facility of Rs.10.43 crore.
Post Issue, the shareholding of promoters, Anjan Chatterjee and Suchhanda Chatterjee, will reduce to 60.69% in the company.
The company clocked a net profit of Rs.9 crore on total revenues of Rs.82 core for the six months ended on September 30 last year.
Specialty Restaurants, with 62 restaurants and 11 confectioneries as of December 31 last year, featuring certain well recognized brands in the Indian restaurant industry.
It operates 35 restaurants under the two brands namely Mainland China and Oh! Calcutta. Company's other brands are Flame & Grill, Haka, Just Biryani, KIBBEH, Kix, Machaan, Sigree, Shack, as well as a confectionery brand, Sweet Bengal.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager to the issue.
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