KFC, Pizza Hut operator Sapphire Foods rally after block deal

KFC, Pizza Hut operator Sapphire Foods rally after block deal

Market


Fast food KFC, Pizza Hut, and Taco Bell restaurants operator, Sapphire Foods rallied more than 6% on Wednesday after a block deal. Few of promoters and shareholders have announced their plan to sell a portion of their shareholdings in the company. Sapphire Foods stock snapped its 2-day losing streak and gained to more than the 1,400 mark in the early deals before correcting. However, the stock has maintained its upside on BSE.

On BSE, the company’s stock hit an intraday high of 1,445.90 apiece — rising by 6.32% from the previous day’s closing of 1,359.95 apiece.

In the previous two trading sessions, Sapphire Foods stock tumbled by more than 2%. The stock so far witnessed a volatile sentiment.

At around 3.13 pm, the stock traded at 1,396.30 apiece up by 36.35 or 2.67% on BSE. Its market cap was more than 8,872 crore.

As per the data on BSE, at around 9.15 am, somewhat 181,835 equity shares exchanged hands. Further, at around 9.37 am, the stock witnessed a trade of 131,332 equity shares. The name of the buyers or sellers was not revealed immediately.

However, on Wednesday, Sapphire Foods informed exchanges that shareholder WWD Ruby Limited has proposed to sell about 51.2% of its shareholding in the company. WWD Ruby holds around 62,07,342 equity shares in Sapphire Foods, of which, the former intends to sell up to 31,77,127 equity shares in one or more tranches by December 21, 2022.


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