KFC and Pizza Hut operator Sapphire Foods rose more than 2% in morning trade on December 15 after a 10.7% stake in the company changed hands in a series of transactions. Promoter groups and a private equity fund reportedly sold some stakes.

The stock was quoted at Rs 1,393 per share on the National Stock Exchange at 10:30 am, up 2.5%. Volume was 566,064 lots, more than four times the 20-day average of 123,151 lots.

On December 15, the company notified exchanges that promoter groups Sapphire Foods Mauritius and Sagista Realty Advisors and private equity fund WWD Ruby intend to sell 40 lakh shares, 150,000 shares and 31 lakh shares, respectively.

Sapphire Foods’ pre-IPO lock-in period expired on November 15, after which 43.3% of its total stake could be sold for free.

In Q2FY23, Sapphire Foods recorded its highest-ever revenue of Rs 560.4 crore with a net profit of Rs 26.9 crore. Sapphire Foods reported a loss of Rs 5 crore in the same period last year.

“KFC delivered same-store sales growth of 15% and total revenue growth of 36%. Gross margin was impacted by 310 basis points as price increases were below inflation of around 15%,” the company said.