Devyani International to merge three subsidiaries with parent company [Yahoo! Finance]
Yum! Brands, Inc. (YUM)
Last yum! brands, inc. earnings: 4/29 07:00 am
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Source: Yahoo! Finance
Devyani International (DIL), a Yum Brands franchisee in India, is set to merge its three subsidiaries with the parent company to streamline operations and improve efficiency. In a regulatory submission, the company said the subsidiaries, namely Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery, will be amalgamated with DIL under a scheme scheduled to be effective from 1 April 2025. DIL stated that since the companies are its direct or indirect wholly owned subsidiaries, the company is not required to secure a 'No Objection Letter' on the scheme from the stock exchanges. Additionally, no fresh shares will be issued as part of the merger. The company further noted that the shareholding pattern will remain unchanged after the completion of the deal. The three subsidiaries currently operate more than 100 outlets, including dine-in locations and cloud kitchens, across more than 40 cities, including Delhi NCR, Mumbai, Kolkata and Bengaluru. Outlining the object
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