Rakesh Jhunjhunwala’s Alchemy Capital has decided against selling its stake in Barbeque Nation through an Offer for Sale (OFS) as the restaurant chain once again plans to go public.
Rakesh Jhunjhunwala’s Alchemy Capital has decided against selling its stake in Barbeque Nation through an Offer for Sale (OFS) as the restaurant chain once again plans to go public. In the second addendum, filed by Barbeque Nation with capital markets regulator SEBI earlier this month, the company has trimmed the OFS size and announced that it has undertaken a pre-IPO placement, reducing the number of shares investors can bid through the IPO, when it hits Dalal Street. Barbeque Nation has been attempting to get listed on the bourses since 2017 but its plans have so far not fructified.
Rakesh Jhunjhunwala decides to stay invested
Earlier, prior to the coronavirus pandemic, Barbeque Nation had planned to raise Rs 275 crore through a fresh issue of equity shares while existing investors were selling 98,22,947 equity shares. In the addendum filed with SEBI, Barbeque Nation now plans to raise Rs 180 crore through the fresh issue and existing shareholders are looking to sell just 54,57,470 equity shares. Kayum Dhanani, Zoya Dhanani, Pace Private Limited and Alchemy India Long Term Fund Limited have decided to withdraw as selling shareholders from the offer. Promoter SHKSL has decided to increase the number of equity shares in the offer for sale. Rakesh Jhunjhunwala’s Alchemy Capital had earlier planned to sell 3 lakh equity shares.