Devyani International block deal: How KFC operator's stock performed after Dunearn Investments offloaded 2.63 cr shares

After dropping around 8% on block deal, Shares of Devyani International were trading with marginal gains on Wednesday, a day after Dunearn Investments (Mauritius) Pte Ltd on Tuesday divested over a 2 per cent stake in restaurant operator Devyani International for Rs 482 crore through an open market transaction. 

Reacting to the block deal, shares of the company catering to restaurant industry had tanked around 8% in Tuesday's intraday trade. On Wednesday, shares of Devyani International, an omnichannel restaurant and the largest franchisee of Yum Brands in India, gained over one per cent to Rs 187.80 per share on the BSE on Wednesday.  

As per the bulk deal data available with BSE, Dunearn Investments (Mauritius) Pte Ltd offloaded 2,63,29,516 shares, amounting to a 2.18 per cent stake in the company. 

The shares were sold at an average price of Rs 183.11 apiece, taking the transaction value to Rs 482 crore. However, the buyer(s) of the shares could not be ascertained. Dunearn Investments, a public shareholder in Devyani International held an 8.13 per cent stake in the quick service restaurant operator at the end of the June quarter, shareholding data with the exchange showed.