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Barbeque-Nation hits the roof after UTI MF buys stake

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Barbeque-Nation Hospitality hit an upper circuit of 20% to Rs 708.45 after UTI Mutual Fund purchased 0.67% stake in the company via bulk deal on NSE yesterday.

As per the bulk deal data on the NSE, UTI Flexi Cap Mutual Fund purchased 2,50,924 shares, or 0.67% stake in Barbeque-Nation Hospitality at an average price of Rs 579.62 per share.

Simultaneously, Integrated Core Strategies Asia sold 4,01,815 shares, 1.07% stake in the company at an average price of Rs 545.15 per share. Integrated Core Strategies Asia held 1.89% in the fast-food chain as on 5 April 2021.

Barbeque-Nation Hospitality was listed on the bourses on Wednesday (7 April 2021). The stock was listed at Rs 492, a discount of 1.60% to the IPO price of Rs 500. The IPO of Barbeque-Nation Hospitality was subscribed 5.98 times. The issue opened for bidding on 24 March 2021 and closed on 26 March 2021. The price band for the IPO was set at Rs 498-500 per share.

On a consolidated basis, the company reported a net loss of Rs 100.65 crore and revenue of Rs 201 crore in the eight months ended on 30 November 2020.

Barbeque-Nation Hospitality is one of India's leading casual dining restaurant chains, which owns and operates Barbeque-Nation Restaurants and International Barbeque-Nation Restaurants. It also owns and operates Toscano Restaurants and UBQ by Barbeque-Nation Restaurant.

The first Barbeque-Nation Restaurant was launched in 2006 by one of the promoters, Sayaji Hotels (SHL), while the company launched its first Barbeque-Nation Restaurant in 2008 and, subsequently, acquired five Barbeque-Nation Restaurants owned by SHL in 2012.

The scrip hit an all-time high of Rs 708.45 in intraday today. The stock hovered between Rs 636 to Rs 708.45 so far.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 08 2021. 11:09 IST
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