Devyani Intl. Allots Shares Worth ₹4.2 Billion To Acquire Stake In Sky Gate

Devyani International on Tuesday said it has allotted 23.72 million shares at ₹176.78 each to Sky Gate Hospitality on a preferential basis, aggregating to ₹4.2 billion.

The share issue is part of the consideration for acquiring around 80.7% stake in Sky Gate on a fully diluted basis. An additional ₹3 million will be paid in cash towards withholding tax.

The ₹1 face value shares raise Devyani’s total equity base to 1.23 billion shares.

Following the deal, Sky Gate’s subsidiaries – Blackvelvet Hospitality, Say Chefs Eatery, and Peanutbutter and Jelly – have become subsidiaries of Devyani International with immediate effect.