The News Scroll 19 July 2021  Last Updated at 6:27 pm | Source: PTI

Devyani International gets Sebi''s go-ahead to float IPO

Devyani International gets Sebi''s go-ahead to float IPO
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Jul 19 (PTI) Devyani International, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, has received capital markets watchdog Sebi''s go-ahead to raise an estimated Rs 1,400 crore through an initial share-sale.

The initial public offering (IPO) consists of fresh issue of equity shares worth Rs 400 crore and an offer of sale of up to 125,333,330 equity shares by promoter and existing shareholder, according to draft red herring prospectus.

Under the offer for sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will sell 65,333,330 shares and promoter RJ Corp will offer six crore shares, it added.

Devyani International, which filed preliminary IPO papers with Sebi in May, obtained its observations on July 16, an update with Sebi showed on Monday.

Sebi''s observation is necessary for any company to launch public issues like IPO, follow-on public offer and rights issue.

According to merchant banking sources, the IPO is expected to fetch Rs 1,400 crore.

The proceeds from the fresh issue will be used to retire debt and general corporate purposes.

Devyani International is an associate company of RJ Corp, the largest bottling partner of food and beverages (F&B) major Pepsico, and has interests in the Indian retail food and beverages (F&B) sector.

The company is the largest franchisee of Yum Brands, operating core brands such as Pizza Hut, KFC, Costa Coffee besides its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar.

It currently operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee as on March 2021 in India.

Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp, and Virag Joshi, president and CEO, who been a key strategist to the expansion efforts by the company.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and  Motilal Oswal Investment Advisors are the book running lead managers to the issue. PTI SP HRS hrs


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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