On February 21, the stock price of Devyani International Limited surged by 6% following a block deal involving 5.3 crore shares, representing a 4.4% stake in the quick service restaurant operator.
The stake was transacted at a floor price of ₹164 per share, marking a slight discount of 1.2% compared to the previous closing price.
As of 9:50 am, the stock was trading at ₹169.90 on the NSE, reflecting the 2.50% increase from the previous close. Over the past three months, however, the stock has experienced a decline of over 9%.
According to a CNBC-TV18 report, Yum Restaurant India Private Ltd is likely to be the seller, divesting its entire 4.4% stake in the KFC operator. Citigroup Global Markets India serves as the sole book-running lead manager for the transaction.
Devyani International reported a significant 87% decline in quarterly profit, attributed to subdued consumer sentiment. The consolidated net profit of the KFC and Pizza Hut operator dropped to ₹9.6 crore from ₹71.6 crore recorded in the corresponding period last year.
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