DIL Sapphire Foods merger amended after secondary sale deal cancelled

Devyani International (DIL) has amended its merger scheme with Sapphire Foods India after the share purchase agreement between Sapphire Foods Mauritius and Arctic International was terminated by mutual consent. The Board approved removing the secondary sale of 18.5 percent SFIL shares to Arctic as a condition precedent. Share exchange ratio of 177 DIL shares for every 100 SFIL shares remains unchanged. Post-merger, promoter holding in DIL will drop from 61.37 percent to 41.99 percent, public shareholding rises to 58.01 percent. Merger process continues subject to approvals.