EverBrands India files Rs 600 crore IPO papers
In short
EverBrands India Ltd filed papers with SEBI for a Rs 600 crore IPO.
The company said Rs 125 crore will repay borrowings and Rs 326.85 crore will help open new Subway stores. The report does not fully state how the rest of the money will be used.
What the reporting says
EverBrands India Ltd filed draft papers with SEBI to raise Rs 600 crore through an initial public offering of equity shares, according to the available summaries. The company said Rs 125 crore would repay or pre-pay borrowings of its subsidiary Culinary Brands India and Rs 326.85 crore would fund new Subway stores under the COCO format. The remaining use of proceeds was not fully stated in the available reporting.
Why it matters
EverBrands India Ltd, which operates Subway restaurants, filed draft papers with SEBI for a Rs 600 crore IPO of equity shares. The summaries say Rs 125 crore is planned for debt repayment or prepayment at subsidiary Culinary Brands India, and Rs 326.85 crore for new Subway outlets in the COCO format. The remaining proceeds were not fully detailed in the available material.