Promoters And Shareholder Of Sapphire Foods To Sell 11.5% Stake

The promoters and a shareholder of Sapphire Foods India Ltd., the operator of KFC and Pizza Hut chains in India, are mulling to sell nearly 11.5% stake of the company.

Promoters Sapphire Foods Mauritius and Sagista Realty Advisors are exploring opportunities for potential sale of 40 lakh shares (6.3%) and 1.5 lakh (0.24%) stake, respectively, according to an exchange filing.

WWD Ruby, a foreign investor, will sell 31.77 lakh shares, representing nearly 5% stake by Dec. 21, the company said in a separate filing.

At Wednesday’s closing price, the combined stake they are looking to sell is valued at Rs 995.1 crore.

Sapphire Foods is franchisees of Yum! Brands Inc., which operates more than 650 KFC, Pizza Hut and Taco Bell restaurants across India, Sri Lanka and the Maldives.

The sale of shares will be in one or more tranches.

Sapphire Foods Mauritius and Sagista Realty Advisors currently hold 38.04% and 4.5% stake respectively, while WWD Ruby holds 9.77% stake in the company.