Sapphire Foods India Limited has informed the Exchange regarding Outcome of Board Meeting held on January 01, 2026.
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Sapphire Foods India's board approved a scheme of arrangement to merge with Devyani International Limited, with the appointed date set as April 1, 2026. Under the swap ratio, shareholders of Sapphire Foods will receive 177 equity shares of Devyani International (face value INR 1) for every 100 shares held in Sapphire Foods (face value INR 2). The deal is also tied to a secondary sale where Sapphire Foods Mauritius (SFML) will sell 5.94 crore equity shares (~18.5% of equity) to Arctic International, a group company of Devyani. The board additionally approved a binding term sheet with Yum India (covering KFC, Pizza Hut, and Taco Bell franchises) to restructure franchise arrangements as part of the merger. Separately, the board approved shifting the registered office from Maharashtra to Haryana, subject to shareholder and regulatory approvals via postal ballot.
If approved, Sapphire Foods shareholders will become shareholders of the larger combined entity Devyani International, which had higher standalone revenue (INR 33,493 million vs Sapphire's INR 24,511 million as of March 31, 2025). The merger consolidates India's KFC and Pizza Hut operations under one roof, offering scale benefits but also making Sapphire Foods' stock dependent on regulatory approvals (CCI, NCLT, stock exchanges, creditors, shareholders) before becoming effective.