Devyani International stock up 6%; Rs 871-crore worth of shares sold in block deal

Devyani International Limited stock price gained 6 percent on February 21 as 5.3 crore shares, representing a 4.4 percent stake, in the quick service restaurant operator changed hands in a block deal.

The stake was sold at a floor price of Rs 164 apiece, a marginal discount of 1.2 percent from the previous close.

At 9.17 am, the stock was trading at Rs 175, up 6 percent from the previous close on the NSE. In the last three months, the stock has tanked over 9 percent.

While Moneycontrol couldn’t ascertain the buyers or the the sellers, a CNBC-TV18 report said Yum Restaurant India Private Ltd is the likely seller, divesting the entire 4.4 percent stake in the KFC operator. Citigroup Global Markets India is the sole book-running lead manager.

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Devyani International reported an 87 percent fall in quarterly profit due to subdued consumer sentiment. The KFC and Pizza Hut operator’s consolidated net profit fell to Rs 9.6 crore from Rs 71.6 crore a year ago.

The company’s EBITDA was also down 17 percent at Rs 146 crore, compared to Rs 175 crore a year ago. The EBITDA margins stood at 17.3 percent.

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