DIL amends merger scheme with Sapphire Foods; SPA terminated

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%.