Ajanta Pharma’s promoters are exploring financing options of up to ₹2,000 crore to fund the acquisition of a controlling stake in Restaurant Brands Asia, the India and Indonesia franchisee of Burger King, in a transaction that would mark the drugmaker’s diversification into the fast-growing quick service restaurant sector.
The promoter group is looking to raise about ₹2,000 crore through a combination of promoter-level borrowing and debt at the operating company, according to people familiar with the discussions.
The financing structure is still being finalised and no lender has been formally appointed, the people said.
Barclays and Standard Chartered are among banks that have been sounded out for the funding, though talks remain at a preliminary stage.
The individual banks and the companies did not respond to ET’s requests for comment.
The fund-raise is aimed at backing the acquisition of a controlling interest in Restaurant Brands Asia, where private equity firm Everstone Capital is preparing to exit its entire 11.26% stake. Restaurant Brands Asia has a market capitalisation of roughly ₹3,800 crore.
“Lenders are assessing leverage, cash-flow visibility and collateral structures before committing to the deal,” said a source.
Earlier this month, Restaurant Brands Asia said it had entered into a definitive agreement with Inspira Global Group, under which the latter will infuse ₹900 crore through a preferential equity allotment and a further ₹700 crore via warrants, both priced at ₹70 a share.
Source: Economic Times