BUZZ-India's Restaurant Brands trims gains, closes higher as top shareholder cuts stake

Reuters · 09/15/2023 10:25
BUZZ-India's Restaurant Brands trims gains, closes higher as top shareholder cuts stake

Adds details on promoter selling stake via block deal in paragraphs 2 and 3

** Shares of Restaurant Brands Asia RESR.NS trims gains to close 6.7% higher after rising as much as 14.46% during the day

** Stock posts third straight session of gains and a weekly rise of 5.2%

** RESR says top shareholder QSR Asia Pte has cut stake in co to 15.44% from 40.80% via block deals but does disclose to whom the shares were sold

** Stock scaled over a 1-year high earlier in the day on two block deals after more than 1.2 mln change hands, at a price range between 133 rupees and 134.05 rupees apiece, according to LSEG data

** Stock most active since Dec. 21, 2020 with more than 57.9 mln shares traded, 31.9x 30-day moving avg

** Including day's gains, stock up more than 14.8% YTD


(Reporting by Rama Venkat and Ashish Chandra in Bengaluru)

((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))