Sapphire Foods-Devyani merger: scheme amended, secondary sale terminated

Sapphire Foods India is merging with Devyani International via an amalgamation scheme under Sections 230-232 of the Companies Act. Exchange ratio: 177 Devyani shares for every 100 Sapphire shares. The Board on August 26, 2026 approved a revised scheme after promoter SFML terminated its share purchase agreement with Arctic International by mutual consent. The secondary sale of about 18.5 percent shares is no longer a condition precedent. Exchange ratio and other terms remain unchanged. Merger process continues subject to requisite approvals.