According to information available with the stock exchanges, Bay Capital Investments sold 10,90,750 shares of Westlife Development through open market route.
The scrips were sold at an average price of Rs 370 valuing the transaction at 40.35 crore, data showed.
However, the buyer(s) of the shares could not be ascertained.
Westlife Development's direct subsidiary Hardcastle Restaurants is the master franchisee for west and south India operations of McDonald's Restaurants.
At the end of September quarter, Bay Capital Investments Ltd held 1.19 crore shares, amounting to 7.68 per cent stake, of Westlife Development.
Westlife Development shares dipped by 0.94 per cent to close at Rs 370 apiece on the BSE.