New Delhi, April 24 -- Quick service restaurant chain operator Devyani International Ltd on Thursday said it will acquire up to 80.72 per cent stake in Sky Gate Hospitality, which operates brands including 'Biryani By Kilo', for Rs.419.6 crore.

The acquisition includes three brands of Sky Gate -- Biryani By Kilo, Goila Butter Chicken, and The Bhojan.

The company's board in its meeting approved acquisition of up to 80.72 per cent equity stake for Rs.419.6 crore, on fully diluted basis, in Sky Gate Hospitality Pvt Ltd along with its subsidiaries, Devyani International Ltd (DIL) said in a regulatory filing.

In addition, the company will also pay contingent consideration as per the terms of the transaction documents, DIL said.

DIL operate...