Shares of Devyani International Limited (NSE: DEVYANI) surged nearly 2% on April 24, 2025, after the company announced the acquisition of up to 80.72% equity stake in Sky Gate Hospitality Private Limited — the parent of prominent food brands like ‘Biryani By Kilo’, ‘Goila Butter Chicken’, and ‘The Bhojan’.
The stock rose 1.69% to ₹178.55 in intraday trade, compared to the previous close of ₹175.59. The market responded positively to the news, driving Devyani’s market capitalization to ₹213.44 billion. The stock hit a day’s high of ₹177, with trading volumes reaching 2.71 million shares.
As part of the Rs 419.6 crore acquisition deal, Devyani will issue 2.37 crore equity shares on a preferential basis at ₹176.78 per share to the existing shareholders of Sky Gate. The deal is expected to strengthen Devyani’s presence in the Indian cuisine segment across 40+ cities, where Sky Gate operates over 100 outlets.
The acquisition will be finalized post shareholder approval at the upcoming EGM scheduled for May 17, 2025.
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