DIL amends merger scheme with Sapphire Foods; SPA terminated
DEVYANI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Devyani International approved an amended Scheme of Arrangement to merge Sapphire Foods India into itself. Exchange ratio stays at 177 DIL shares (Re.1) for every 100 SFIL shares (Rs.2). A prior condition, SFML selling 18.5% of SFIL to Arctic International via a Share Purchase Agreement, has been terminated by mutual agreement. The Secondary Sale will no longer happen. The merger proceeds normally with no impact on shareholders of either company. Post-merger promoter holding in DIL drops from 61.37% to 41.99%.
Merger with Sapphire Foods moves forward without the secondary sale condition. No change for existing shareholders. Appointed date is April 1, 2026.