As many as 5.3 crore shares, or 4.4% equity of Devyani International worth ₹871 crore changed hands in block deal window at ₹164.10 per share on Wednesday, February 21, 2024.
A day prior, CNBC-TV18 had reported, citing sources, that Yum Restaurant India Private Ltd was likely to divest its entire stake (4.4%) in Devyani International Ltd via block deals.
The floor price for this transaction was set at ₹153.5 per share, which represents a 7.45% discount to the current market price (CMP) at the Bombay Stock Exchange (BSE), the sources had said, adding that the sale was likely to be valued at approximately ₹814.8 crore. Citigroup Global Markets India is the sole book running lead manager (BRLM), the people in hte know told CNBC-TV18 on Tuesday, February 20.
Devyani International reported an 87% fall in quarterly profit amid a challenging macroeconomic landscape and subdued consumer sentiment. The KFC and Pizza Hut operator's consolidated net profit fell to ₹9.6 crore for the third quarter ended December 31, from ₹71.6 crore a year ago.
However, Devyani International's revenue from operations rose 6% year-on-year to ₹843 crore, compared to ₹791 crore in the corresponding period of last year. EBITDA was down 17% at ₹146 crore, compared to ₹175 crore a year ago. The EBITDA margins stood at 17.3%.
.Devyani International shares ended 0.61% higher at ₹166.2 apiece on Tuesday, February 20. The stock has fallen 14.7% in the last six months, but is up 8.66% in the past year.
First Published: Feb 21, 2024 9:04 AM IST
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