Notice of Extraordinary General Meeting of the Company
Awaiting price reaction for this filing.
Devyani International Limited has called an Extraordinary General Meeting on Saturday, May 17, 2025 at 11:00 AM (IST), to be held via video conferencing. The only special business item is the approval of issuing up to 2,37,19,187 equity shares at a price of ₹176.78 per share (face value ₹1, premium ₹175.78) on a preferential basis, to raise roughly ₹419.31 crore. Instead of cash, these shares will be issued to the existing shareholders of Sky Gate Hospitality Private Limited as part-payment for acquiring up to 80.72% stake in that company, based on a Share Purchase Agreement signed on April 24, 2025. The allottees are about 79 individuals, funds, and entities (including Alpha Wave Ventures LP, IvyCap Ventures Trust Funds II and III, State Bank of India, InCred Growth Partners Fund I, and various individual investors) and are not promoters of Devyani. The shares will be locked in as per SEBI rules and allotted within 15 days of shareholder and regulatory approvals.
If approved, this will result in a one-time equity dilution for existing Devyani shareholders but will allow the company to acquire a majority stake in Sky Gate Hospitality without spending cash, potentially expanding its business portfolio. The floor price of ₹176.78 sets a near-term reference for the stock, and shareholders should track the EGM voting outcome on May 17.