Devyani International Ups Stake In Sky Gate Hospitality To 86.1%

Devyani International Ltd. on Friday said it has increased its stake in Sky Gate Hospitality Pvt. Ltd. to 86.13%, from 80.7%, through an additional investment of ₹1.03 billion.

Sky Gate and its subsidiaries own food brands such as Biryani By Kilo and The Bhojan. Back on April 24, Devyani’s board had approved the initial acquisition of an 80.72% stake for ₹4.20 billion, largely through a preferential allotment of 23.72 million fresh shares to Sky Gate’s selling shareholders.