Devyani International stock rises 6% on block deal

By Aditya Bhagchandani Published on February 21, 2024, 11:46 IST

Devyani International Ltd saw a 6 percent gain in its stock price 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, marking a marginal discount of 1.2 percent from the previous close.

As of 11:44 am, the shares were trading 1.96% higher at₹169.00.

According to a CNBC-TV18 report, Yum Restaurant India Private Ltd is the likely seller, divesting its entire 4.4 percent stake in the KFC operator. Citigroup Global Markets India is serving as the sole book-running lead manager for the transaction.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.