On February 21, Yum Restaurants India sold 4.4 percent stake in Devyani International, the quick service restaurant (QSR), a franchisee of Yum Brands, which operates KFC, Pizza Hut and Taco Bell in India, for Rs 871 crore through an open market transaction.
SBI Mutual Fund (MF), Axis MF, Franklin Templeton MF, Nippon India MF, HDFC Standard Life Insurance, Goldman Sachs, Morgan Stanley Asia Singapore etc, were among the buyers of the QSR’s shares, stated a media report.
As highlighted by National Stock Exchange (NSE), Yum Restaurants India sold 5,30,83,330 shares, which amounted to its 4.4 per cent stake in Devyani International.
As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Yum Restaurants India had bought a 4.41 percent stake in Devyani International in September 2021 after which it had maintained its stake in the company.
Apart from Yum Restaurants India, Sabre Investment Consultants holds a 1.01 percent stake in the company and Dunearn Investments (Mauritius) PTE Limited has a 2.94 percent stake in Devyani International.
As per Moneycontrol, consumer sentiment in Q3FY24 remained subdued for Devyani International despite the quarter historically being a healthy festive period. The company’s brands were also impacted due to certain international geopolitical events on American brands.
Read More: Yum Restaurants may sell entire stake in Devyani International for Rs 815 crore