Barbeque Nation Hospitality Ltd. (BSE:543283) entered into a securities purchase agreement to acquire 61.35% stake in Red Apple Kitchen Consultancy Private Limited from Samar Retail Private Limited for approximately INR 570 million on October 31, 2019. Pursuant to the Securities Purchase Agreement, our Company has acquired: (i) 2,964 equity shares of Red Apple and 268 equity shares of Red Apple following the conversion of compulsorily convertible debentures held by Samar Retail for a consideration of INR 574,875,840, which represents 61.35% of the issued share capital of Red Apple; and (ii) for a consideration of INR 99,990,660, a right to subscribe for 1,518 equity shares of Red Apple at a subscription price of INR 112,000 per equity share and an aggregate subscription price of INR 170,016,000. Pursuant to the completion of such subscription, our Company will hold 70% of the issued share capital of Red Apple. The acquisition of Red Apple is funded by the short-term borrowings of INR 500 million carrying interest. The transaction is subject to obtain prior consent from its lenders of loan facilities for the acquisition.
Barbeque Nation Hospitality Ltd. (BSE:543283) completed the acquisition of acquire 61.35% stake in Red Apple Kitchen Consultancy Private Limited from Samar Retail Private Limited on December 31, 2019.