Block deal: Goldman Sachs Funds sells 40.6 lakh shares in Restaurant Brands Asia for Rs 43 crore

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Goldman Sachs Funds sold 40.6 lakh shares worth Rs 43 crore in Restaurant Brands Asia (RBA) on Friday via block deal. The shares were sold at a price of Rs 105.53 apiece, which was at a discount of 1.30% to Thursday’s closing price of Rs 107 on the BSE.

The information of buyers is still not available on the BSE.

Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, which offloaded its stake on Friday, held 1,10,12,628 shares or 2.22% in Restaurant Brands Asia as on March 31, 2024, as per the shareholding data available on the BSE.

The stock on Friday jumped 6% intraday to hit the day’s high of Rs 113.60 following the bulk deal before ending the session at Rs 111.25, gaining by Rs 4.25 or 3.97%.

The stock has been a market laggard returning nearly 4% in the past 12 months. On the year-to-date basis, the stock has seen its share price erode by 3%. In contrast, Nifty has delivered nearly 26% in a 1-year period while 8% in 2024, so far. The stock is trading above its 50-day simple moving average (SMA) of Rs 102.80 while slipping below its 200-day moving average of Rs 112 according to Trendlyne data.The stock finds itself in an overbought zone as far as momentum indicator MFI is concerned, hovering around 77. Meanwhile, the day’s RSI is still in the medium range of 60, Trendlyne data suggested.A number above 70 is considered to be overbought while below 30 is seen as oversold.

The counter has also traded with stability with 1-year beta at 0.4.

The company reported a consolidated net loss of Rs 85 crore for the quarter ended March 31, 2024, which widened on a year-on-year and quarter-on-quarter basis. Its total consolidated revenue for the January-March quarter stood at Rs 602 crore. The same was Rs 608 crore in the December quarter and Rs 518 crore in Q4FY23.

Also Read: Gautam Adani raises stake in Adani Enterprises by 1.32% in June quarter

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