Yum Restaurants To Exit Devyani International For Rs 814.8 Crore
Yum Restaurants India is offering to sell 5.3 crore shares at Rs 153.50 apiece in the secondary market.
U.S.-based Yum Restaurants India Pvt. plans to divest its entire 4.4% stake in quick service restaurant operator Devyani International Ltd. through open market transactions.
The firm is offering to sell 5.3 crore shares at Rs 153.50 apiece in the secondary market, as per the term sheet accessed by Bloomberg. That values the deal at Rs 814.8 crore.
The floor price is at a 7.6% discount to Devyani International's closing price on Tuesday.
Devyani is the largest franchisee for Yum! Brands, which operates KFC, Pizza Hut and Taco Bell in India and is the sole franchisee for Costa Coffee.
The company's net profit declined for the third quarter of fiscal 2024 by 92.8% to Rs 5.07 crore, while revenue increased by 6.6% year-on-year.
Shares of the QSR operator closed 0.36% higher at Rs 165.85 apiece on Tuesday, as compared with a 0.48% advance in the BSE Sensex.