Sapphire Foods India Limited has informed the Exchange about Amalgamation/Merger
SAPPHIRE · price
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Sapphire Foods India's board has approved a scheme to merge into Devyani International Limited, effective from April 1, 2026. Under the deal, Sapphire shareholders will receive 177 equity shares of Devyani International (face value ₹1) for every 100 shares held in Sapphire (face value ₹2). As a precondition, promoter Sapphire Foods Mauritius will sell its ~18.5% stake (5.94 crore shares) to Arctic International, a Devyani group company, through a secondary sale transaction. The combined entity will unify KFC and Pizza Hut operations in India (excluding airport and railway outlets), creating a single large QSR player. Net worth of Sapphire is ₹1,327 crore and Devyani is ₹1,038 crore, while revenues stand at ₹2,451 crore and ₹3,349 crore respectively. The merger still needs NCLT, CCI, stock exchange, shareholder and creditor approvals.
Sapphire Foods shareholders will become shareholders of the larger combined Devyani International entity at a fixed swap ratio, gaining exposure to a bigger QSR platform with both KFC and Pizza Hut brands under one roof. The deal is subject to multiple regulatory approvals, so completion timelines remain uncertain, and the stock may see volatility tied to approval milestones.