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

Devyani International Ltd, a leading food service company, 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 acquisition will be through a mix of cash and issuance of Non-Convertible Redeemable Preference Shares, making Sky Gate a wholly-owned subsidiary of Devyani International. The company also announced the re-classification of its authorized share capital and the issuance of up to 3,00,000 fully paid-up Non-convertible Redeemable Preference Shares of INR 1,000/- each to discharge the purchase consideration.