MIT invests in Burger King India's QIP
Summary
Massachusetts Institute of Technology (MIT) emerged as the single largest investor in the 500 crore qualified institutional placement (QIP) of Restaurant Brands Asia (RBA), the Indian operator of Burger King, a statement to the exchanges showed.The Cambridge, US-based private research university invested 92 crore (about $10.74 million) in the issue for 18.44% of shares allotted in the QIP as a foreign portfolio investor, the statement dated 26 March showed.SBI Multi Asset Allocation Fund, Arisaig Asia Fund, Mercer QIF Fund Plc and 238 Plan Associates LLC were the others in the top five investors among the overall 23 entities that subscribed to the QIP, which closed on 26 March.SBI Multi Asset Allocation Fund invested Rs87 crore, while Arisaig Asia Fund plowed in Rs 67 crore, followed by Mercer QIF which bought Rs 31 crore worth of shares and 238 Plan Associates that invested Rs26.58 crore, the statement showed.The Economic Times was the first to report on the allotment.The company allotted 83.33 million shares to eligible qualified institutional buyers at an issue price of Rs60 per share (including a premium of Rs50 per share) in the issue, which opened on 24 March.Following the allotment of shares in the QIP, the paid-up equity share capital rose to 582 crore comprising 5.8 billion equity shares from 498.73 crore comprising 4.99 billion equity shares.The erstwhile Burger King India Ltd, which was set up in 2013, operates 455 restaurants in India, according to its annual report.