Devyani International shares rise 3% on additional stake acquisition in Biryani by Kilo for Rs 106 crore

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Shares of Devyani International Ltd (DIL) surged by 3.4% in early trade to their day’s high of Rs 172.40 on the BSE on Tuesday, June 24, after the company announced plans to acquire an additional stake in Sky Gate Hospitality, the parent company of Biryani By Kilo, for up to Rs 106.25 crore.

The acquisition will be carried out through a combination of subscribing to new equity shares and purchasing shares from the promoter group. This is expected to increase Devyani’s stake in Sky Gate from the current 80.72% to 86.13% on a fully diluted basis.


In an exchange filing, the company confirmed that it has executed a share subscription agreement and shareholders’ agreement with Sky Gate and its promoters, along with a share purchase agreement to acquire the additional stake in one or more tranches.

Devyani International stated that the move aims to facilitate further investments in Sky Gate and its subsidiaries—Blackvelvet Hospitality, Say Chefs Eatery, and Peanutbutter and Jelly Private Limited—while also supporting general corporate purposes.


The transaction, which has been undertaken on an arm’s length basis, is expected to be completed on or before July 31, 2025.

Sky Gate operates multiple food and beverage brands, including Biryani By Kilo, Goila Butter Chicken, The Bhojan, Get-A-Way, and Krazy Kebab Co.For the financial year ending March 31, 2025, Sky Gate reported an unaudited consolidated turnover of Rs 277 crore (excluding a few subsidiaries). Since its incorporation in July 2015, the company has posted consistent revenue growth, rising from Rs 133 crore in FY22 to Rs 277 crore in FY25 (unaudited), highlighting its growing presence in India’s food and beverage sector.On Monday, shares of Devyani International closed flat at Rs 166.75 on the BSE.

Also read: Is the grey market premium misleading? Decoding the valuation gap in HDB Financial’s IPO

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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