Temasek's unit sells 2.8% stake in Yum franchisee Devyani

Dunearn Investments Mauritius Pte, a wholly-owned subsidiary of Singapore's sovereign wealth fund Temasek Holdings, has 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 franchises of Yum brands such as KFC, Pizza Hut and Taco Bell in India. 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, 3,44, 30,150 shares sold, amounting to a 2.85 per cent stake in the company.

The transaction value was taken from Rs 499.37 crore when the shares were offloaded at an average price of Rs 145.04 apiece.

The firm's shareholding has fallen to 3.03 per cent from 5.88 per cent as of December quarter.

On Tuesday, shares of Devyani International fell 1.88 per cent to Rs 140.70 per piece on the NSE.

The quick service restaurant operator held a 8.13% stake at the end of the June quarter. It reduced its stake by 2% in August of last year.