Shares of Restaurant Brands Asia were sliding on Monday amid broader market weakness and as the Burger King India operator greenlit a large secured loan.
What Happened: The Burger King franchise runner in India said in an exchange filing on Monday its board had given the go-ahead to borrow ₹150 crore from Axis Bank.
The agreement is yet to be executed and will be secured with securities and assets from the company. The loan will be availed by its Indonesian unit, PT Sari Burger Indonesia.
The purpose of the loan and its term are yet to be announced by the firm. Restaurant Brands Asia said it will provide security for the issuance of a secured bank letter of credit by Axis Bank India for the term loan facility.
Price Action: Restaurant Brands’ share price plummetted 1.52% to ₹123.30 around noon on Monday.
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