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

Acquisition announcedScheme filed with the NCLTDeal cancelledStrategic Transactions View source PDF Explain this filing

SAPPHIRE · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-3.3%Reaction day

₹248.25

prior close

₹249.00

announcement price

After-mkt

timing

Nifty Smallcap 250market-0.1%-3.2% vs market

Restaurants peers, median of 11sector-1.7%-1.6% vs sector

On the reaction day the stock moved 3.2 pts less than Nifty Smallcap 250 and 1.6 pts less than its Restaurants peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+2.4

10m

+2.2

15m

+1.9

30m

+0.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-3.3-0.1-3.2-1.7-1.6

Next day

-6.7+0.2-7.0-2.1-4.7

-4.8-0.5-4.3-3.9-0.9

-7.3-0.5-6.8-2.3-5.1

-7.9-1.1-6.8-3.7-4.2

-7.9-0.1-7.9-4.7-3.2

-7.5+0.2-7.7-5.8-1.7

15d

-7.3-0.9-6.4-3.4-4.0

-12.7-3.2-9.5-4.8-7.9

-19.2-8.2-11.0-13.3-6.0

—————

UpDownMarket · Nifty Smallcap 250Sector · Restaurants peers, median of 11Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

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.

Likely market impact

Merger continues as planned. Secondary sale dropped, but exchange ratio unchanged. No impact on shareholder deal economics.