Sapphire Foods India to Amalgamate with Devyani International
Sapphire Foods India Limited will amalgamate with Devyani International Limited, effective April 1, 2026. Shareholders will receive 177 shares of Devyani International for every 100 shares held in Sapphire Foods. The company also approved shifting its registered office to Haryana. The Board meeting concluded on January 1, 2026.
The amalgamation represents a significant corporate restructuring that will fundamentally alter the company's structure and operations, impacting its market position and shareholder value.
The amalgamation is expected to create economies of scale, enhance operational efficiencies, and strengthen the competitive position of the combined entity, leading to potential value creation for shareholders.
Sapphire Foods India Limited announced a significant corporate restructuring following a Board of Directors meeting held on January 1, 2026. The Board has approved a scheme of arrangement for the amalgamation of Sapphire Foods India Limited (Transferor Company) with Devyani International Limited (Transferee Company).
As per the scheme, Sapphire Foods India Limited will be absorbed into Devyani International Limited, effective from the Appointed Date of April 1, 2026. In consideration of this amalgamation, Devyani International Limited will issue 177 equity shares of ₹1 each for every 100 equity shares of ₹2 each held by Sapphire Foods India Limited shareholders, subject to a Record Date.
The merger framework agreement, dated January 1, 2026, has also been approved, involving Sapphire Foods India Limited, Devyani International Limited, Sapphire Foods Mauritius Limited, Sagista Realty Advisors Private Limited, and RJ Corp Limited. The effectiveness of the scheme is contingent upon obtaining various statutory and regulatory approvals, including from the Competition Commission of India, stock exchanges, National Company Law Tribunal, creditors, shareholders, and other third parties. Additionally, a secondary sale transaction involving 5,94,55,837 equity shares of Sapphire Foods India Limited by SFML to Arctic International Private Limited is a condition precedent.
Furthermore, the Board approved a binding term sheet with Yum India and its associated entities for current and future business organization. The company also approved the shifting of its registered office from Maharashtra to Haryana, subject to shareholder and regulatory approvals. The Board meeting commenced at 05:28 p.m. and concluded at 06:05 p.m.
The net worth of Sapphire Foods India Limited as of March 31, 2025, was ₹13,269.93 million, with a revenue from operations of ₹24,510.76 million. Devyani International Limited had a net worth of ₹10,381.02 million and revenue from operations of ₹33,493.33 million.
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Sapphire Foods India Limited filed this with the NSE as a statutory disclosure, categorised under amalgamation. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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