Devyani International Limited — Important, 24-04-2025: General Updates

The Board of Devyani International Limited has approved the acquisition of up to 80.72% equity stake in Sky Gate Hospitality Private Limited, which operates brands such as ‘Biryani By Kilo’ and ‘Goila Butter Chicken’. The acquisition is set at an equity value of approximately INR 519 crore, and the company will initiate a preferential share issuance of up to 2,37,19,187 fully paid-up equity shares at an issue price of INR 176.78 per share, aggregating around INR 419.31 crore. This strategic move is aimed at expanding the company's portfolio in the food and beverages segment, enhancing offerings and market presence. Additionally, an Extra-ordinary General Meeting has been scheduled for shareholder approval of the preferential issue. With Sky Gate becoming a subsidiary, this acquisition is expected to provide favorable growth opportunities. Investors should view this developent as a positive outlook for potential market expansion.