Devyani International Acquires Additional 11.4% Stake in Sky Gate Hospitality for INR 57.5 Crore

Devyani International Ltd. has approved the acquisition of an additional 11.4% equity stake in Sky Gate Hospitality Private Limited from the promoters/founders for a total consideration of INR 57.5 crore. The transaction will be a mix of cash and issuance of Non-Convertible Redeemable Preference Shares. Upon completion, Sky Gate will become a wholly-owned subsidiary of Devyani International. The company also plans to re-classify its authorized share capital and issue up to 3,00,000 fully paid-up Non-convertible Redeemable Preference Shares of INR 1,000/- each to discharge the purchase consideration.