Devyani International Plunges 7% amid bulk deal reports
Published On: Tuesday, August 23, 2022 | By: Team KnowMyStock
Shares of Devyani International (DIL) tanked 7 percent to Rs 182.50 on the BSE in Tuesday’s intra-day trade. This comes after it saw a huge block deal change hands. Around 26.4 million shares or 2.33 percent stake of the company changed hands, according to a Bloomberg report. However, the details of buyers and sellers were not known by the time of writing this report. As of June 30, 2022, the promoters held a 62.80 percent stake in DIL. Among the public shareholders, Dunearn Investments (Mauritius) Pte Ltd held 98 million shares or 8.13 percent holding in the company, the shareholding pattern data shows. Earlier, CNBC TV reported that Dunearn Investments (Mauritius) Pte Ltd is likely to sell a nearly 3 percent stake at Rs 182-196.25 per share. The base offer was expected at 2.6 crore shares (2.19 percent equity) with an upsize option of 87.76 lakh shares ( 0.73 percent equity). The total deal size is expected at $80-86 million.
Dunearn Investments currently holds a 16.26 percent stake in Devyani International.Listed in August 2021, Devyani International issued shares at Rs 90 apiece during its IPO. The scrip has risen more than 100 per cent since then. However, the counter is down about 12 per cent in the last one week.
Incorporated in 1991, Devyani International is the largest franchisee of Yum Brands and among the largest quick-service restaurant (QSR) chain operators in India with 655 stores across 155 cities all over the country.
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