Daily Newsletter

22 February 2024

Daily Newsletter

22 February 2024

Yum Restaurants India may divest stake in Devyani International

Yum acquired a 4.41% stake in Devyani in September 2021 and has since maintained its investment level.

Umesh Ellichipuram February 21 2024

Yum Restaurants India is likely to divest its entire 4.4% stake in Devyani International, the company that operates the KFC and Pizza Hut chains in India.

The transaction will be executed through block deals, with Citigroup Global Markets India acting as the sole book-running lead manager.

The floor price for the shares has been set at Rs153.5 ($1.85) each, a 7.45% discount on the present market price at the Bombay Stock Exchange.

The sale price is expected to reach Rs8.15bn.

As of 31 December 2023, Yum Restaurants India owned 50 million shares in Devyani International.

The company acquired a 4.41% stake in September 2021 and has since maintained its investment level.

In addition to Yum Restaurants India, Sabre Investment Consultants and Dunearn Investments (Mauritius) hold 1.01% and 2.94% stakes respectively in Devyani International.

As Devyani's consolidated profit dropped by 87% to Rs96m for the quarter ending December 2023, the company's revenue saw a year-on-year increase of 7% to Rs8.43bn.

In December 2023, Devyani International Limited (DIL) signed an agreement to acquire a stake in Restaurants Development Co (RD) for $129m.

RD operated a chain of 274 KFC restaurants across Thailand and employed 4,500 people. DIL entered the deal through its subsidiary Devyani International DMCC, Dubai.

The deal marks Devyani International’s entry into Thailand’s quick service restaurants and limited service restaurants market.

Uncover your next opportunity with expert reports

Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close