U.S.-based Yum Restaurants India Pvt. divested its entire 4.4% stake in quick service restaurant operator Devyani International Ltd. through open market transactions for Rs 871 crore on Wednesday.
The firm offloaded 5.3 crore shares at Rs 164.1 apiece, according to block deal data on the NSE. This is higher than the floor price of Rs 153.5 per share indicated in the term sheet.
Nippon India Mutual Fund mopped up 80 lakh shares, representing 0.66% equity, while Societe Generale bought 50.75 lakh shares (0.42%) and Franklin Templeton Mutual Fund purchased 50 lakh shares (0.41%), among others.
Devyani is the largest franchise for Yum! Brands, which operates KFC, Pizza Hut and Taco Bell in India and it is the sole franchise for Costa Coffee.
The company's net profit had declined 92.8% year-on-year to Rs 5.07 crore in the third quarter of fiscal 2024, while revenue had increased 6.6%.
Shares of the QSR operator surged over 5% intraday, after the large trade, before closing 0.78% higher at Rs 167.15 apiece on Wednesday, as compared with a 0.59% advance in the BSE Sensex.
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