According to Bloomberg, the shares of Devyani International Ltd fell nearly 7% on Tuesday after seeing a huge block deal change hands. However, the deal’s details of the buyer and seller are unclear.
According to Bloomberg, about 26.4 million shares, or 2.33%, of the company changed hands. The stock was trading at Rs 182.50 on the BSE at 9.30 am, down 7% from its previous close.
Earlier, CNBC TV reported that Dunearn Investments (Mauritius) Pte Ltd could sell a nearly 3% stake at Rs 182-196.25 per share. The base offer is expected to be 2.6 crore shares (2.19% stake), with an extension option (0.73% stake) of 87.76 lakh shares. The total deal size is expected to be $80-86 million.
Dunearn Investments currently holds a 16.26% stake in Devyani International.
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The stock has fallen for four straight sessions, down about 14% during that time. It is up 18% so far this year.
