Speciality Restaurants surges 14%, nears 52-week high on fund raising plan

The company's board will meet on Wednesday, December 21, 2022, to consider and evaluate proposals for raising of funds by way of issue of equity shares or any other eligible convertible securities.

Shares of Speciality Restaurants has moved higher by 13 per cent to Rs 224.45 on the BSE in Monday’s intra-day trade after the company said its board will meet on Wednesday, December 21, to consider a proposal to raise funds. In comparison, the S&P BSE Sensex was up 0.37 per cent at 61,567. The stock quoted close to its 52-week high of Rs 242, touched on September 12, 2022.

“The meeting of the board of directors of the company is scheduled to be held on Wednesday, December 21, 2022, inter-alia, to consider and evaluate proposals for raising of funds by way of issue of equity shares or any other eligible convertible securities, through permissible modes”, Speciality Restaurants said in an exchange filing.

The fund raising is subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company, it said.

Speciality Restaurants is engaged in the business of operating restaurants and confectionaries across India, Qatar, UAE and United Kingdom for more than 25 years.

As on September 30, 2022, the company has 83 Restaurants and 38 Confectionary stores across 14 cities in India, 2 ‘Asia Kitchen by Mainland China’ restaurants in UAE and 1 ‘Riyasat’ restaurant at Doha, Qatar. The company also operates 1 restaurant under the brand name ‘Chourangi’ in London under Joint Venture.

Meanwhile, in the past six months, the stock price has zoomed 116 per cent, as compared to 20 per cent rally in the S&P BSE Sensex.