Devyani Intl to raise stake in Sky Gate to 86.1% from 80.7% for INR 1.06 bln
This story was originally published at 20:41 IST on 23 June 2025
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--Devyani Intl to up stake in Sky Gate to 86.1% from 80.7% for INR 1.06 bln
NEW DELHI – Devyani International Ltd. Monday said it has decided to raise its stake in the recently acquired Sky Gate Hospitality Pvt. Ltd. to 86.13% from the current 80.72% for a cash consideration of up to INR 1.06 billion. The increase in stake will be through subscription of fresh equity shares of Sky Gate as well as acquisition of promoters' shares, the company said in a stock exchange filing.
The company expects the increase in stake to be completed by Jul. 31. Sky Gate, which along with its subsidiaries, owns brands 'Biryani By Kilo', 'The Bhojan', and others, recently became a subsidiary of Devyani International. On Apr. 24, Devyani International's board had approved the acquisition of 80.72% in Sky Gate for a consideration of INR 4.20 billion payable pre-dominantly by fresh issue of 23.72 million shares of Devyani International on a preferential basis to the selling shareholders of Sky Gate.
On Jun. 10, Devyani International completed this 80.72% acquisition by allotting 23.72 million shares to 79 selling shareholders of Sky Gate, at INR 176.78 per share aggregating to around INR 4.19 billion, and said the remaining consideration of around INR 3 million would be paid in cash towards withholding tax or tax deducted at source.
On Monday, shares of Devyani International ended flat at INR 166.64 on the National Stock Exchange. End
Reported by Rajesh Gajra
Edited by Ashish Shirke
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