Yum Restaurants likely to sell entire 4.4% stake in Devyani International via block deals: Report
Yum Restaurants India is likely to exit quick service restaurant major Devyani International by selling a 4.4% stake through a block deal on Wednesday, according to news reports.
Through the sale, Yum Restaurants plans to raise around Rs 815 crore, reports said.
The floor price for the sale has been fixed at Rs 153.5 a share, which is at a discount of nearly 8% to the current price.
Shares of Devyani International ended 0.6% up at Rs 166.20 on the National Stock Exchange.
As of December-end, Yum Restaurants held over 5 crore shares in Devyani International. In September 2021, Yum Restaurants bought a 4.41% stake in Devyani International.
In the last one year, shares of Devyani International have gained over 7%.
Devyani International, which operates KFC and Pizza Hut chains of restaurants in India, reported weak numbers for the December quarter, with consolidated profit plunging 87% to Rs 9.6 crore. The company's revenue rose only 7% YoY to Rs 843 crore.
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