Ahead of listing, Devyani International extends partnership with Costa Coffee1 min read . Updated: 16 Aug 2021, 08:59 AM IST
- Devyani International shares will make their stock market debut today
Devyani International Limited (DIL), the largest franchisee of Yum Brands in India and among the largest operators of chain quick service restaurants, today announced the extension of partnership with Costa Coffee.
DIL has entered into a revised development agreement for its existing Costa business on August 14, 2021, pursuant to which DIL has been granted development rights for PAN India in a phased manner. "This agreement has initially granted development rights for a period of 5 years and extendable from time to time subject to meeting of development and contractual obligations,'' the company said in a statement.
Devyani International is among the largest operators of chain quick service restaurants (QSR) in India, on a non-exclusive basis, and operates 735 stores across India, Nepal and Nigeria as of June 30, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands.
In addition, DIL is a franchisee for the Costa Coffee brand and stores in India. DIL’s first Costa Coffee store in India opened in 2005 at Delhi and as on June 30, 2021 operated 44 Costa Coffee stores located in eight states and one union territory, across 17 cities in India. The company currently operates two formats of Costa Coffee stores, namely full retail stores at high-street locations and malls, and branded kiosks at airports, hospitals and food courts at highways.
Devyani International's initial public offering (IPO) closed on August 6 with the price band of the initial share sale fixed at ₹86-90 per share. The quick service restaurant (QSR) company's IPO consist of a fresh issue of ₹440 crore and an offer for sale (OFS) of upto 155.33 million shares by shareholders and promoters. Devyani International's shares are set to make their stock market debut on Monday on the BSE and the NSE.
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