Yum Restaurants to sell entire 4.4% stake in Devyani International, say sources
Floor price is likely fixed at Rs 153.5 per share, a 7.6 percent discount to Devyani International's closing price on Tuesday
Yum Restaurants India is likely to sell its entire 4.4 percent stake in quick service restaurant firm Devyani International through a block deal to raise Rs 814.8 crore, sources reported on February 20 quoting sources.
Floor price is likely fixed at Rs 153.5 per share, a 7.6 percent discount to Devyani International's closing price on Tuesday.
As of December 30, Yum Restaurants India held 5 crore shares in Devyani International.
Yum Restaurants India had bought a 4.41 percent stake in Devyani International in September 2021 after which it had maintained its stake in the company.
Apart from Yum Restaurants India, Sabre Investment Consultants holds a 1.01 percent stake in the company. And Dunearn Investments (Mauritius) PTE Limited has a 2.94 percent stake in Devyani International.
Consumer sentiment in Q3FY24 remained subdued for Devyani International despite the quarter historically being a healthy festive period.
The company's brands were also impacted due to certain international geopolitical events on American brands.
Devyani International is the largest franchisee for Yum Brands which operates KFC, Pizza Hut, and Taco Bell in India and the sole franchisee for Costa Coffee.
