Sapphire Foods-Devyani International merger scheme gets NSE/BSE nod

Sapphire Foods received 'no objection' from NSE and 'no adverse observations' from BSE on its proposed Scheme of Arrangement with Devyani International Limited. Under the scheme, Sapphire (transferor) will merge into Devyani (transferee). Board approved the scheme on Jan 1, 2026. SEBI issued 15 comments including mandatory CCI approval before NCLT filing, and disclosure of share exchange ratio, promoter shareholding patterns, financials, and an ongoing 18.5% secondary share sale by Sapphire Foods Mauritius to Arctic International. Scheme still needs CCI clearance, NCLT filing within 6 months, and shareholder/creditor approval.