Yum Restaurant India Private Ltd is likely to divest its entire stake (4.4%) in Devyani International Ltd via block deals, sources privy to the developments told CNBC-TV18.
The floor price for this transaction is set at ₹153.5 per share, which represents a 7.45% discount to the current market price (CMP) at the Bombay Stock Exchange (BSE), sources in the know told CNBC-TV18.
This sale is likely to be valued at approximately ₹814.8 crore, the sources added. Citigroup Global Markets India is the sole book running lead manager (BRLM).
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%.
(Edited by : Shoma Bhattacharjee)
