Dunearn Investments Mauritius Pte, a wholly-owned subsidiary of Singapore’s sovereign wealth fund Temasek Holdings, on Tuesday divested a 2.8 per cent stake in restaurant operator Devyani International Ltd for Rs 499 crore through an open market transaction.
Devyani International is one of the largest franchisees of Yum brands such as KFC, Pizza Hut and Taco Bell in India. In addition, the company is a franchisee for the Costa Coffee brand and stores in the country.
According to the bulk deal data available with the National Stock Exchange (NSE), Dunearn Investments sold 3,44,30,150 shares, amounting to 2.85 per cent stake in the company.
The shares were offloaded at an average price of Rs 145.04 apiece, taking the transaction value at Rs 499.37 crore.
Post the latest transaction, Dunearn’s shareholding have reduced to 3.03 per cent from 5.88 per cent (as of December quarter) in the firm.
Franklin Templeton Mutual Fund A/C – Franklin India Flexi Cap Fund bought 62 lakh shares of the company.
On Tuesday, shares of Devyani International closed 1.88 per cent lower at Rs 140.70 per piece on the NSE.
The investment company held a 8.13% stake in the quick service restaurant operator at the end of the June quarter. It reduced its stake by 2% in August last year.