M&A

M&A

Devyani International, Sapphire Foods revise proposed merger scheme

BSE Announcement   Business Standard  

Gurugram-based Devyani International and Mumbai-based Sapphire Foods India have revised their proposed merger agreement following the termination of a secondary share sale between Sapphire Foods Mauritius and Arctic International.The share-purchase agreement, under which the promoter Sapphire Foods Mauritius intended to sell approximately 18.5% of the share capital of Sapphire Foods India to Arctic International, was terminated by mutual agreement.Sapphire Foods India is the franchise operator of Yum! Brands' restaurants, KFC and Pizza Hut. Following the termination of the share sale, Sapphire Foods Mauritius will now participate in the merger on the same terms as other shareholders of Sapphire Foods India and will receive shares of Devyani International. The company expects to continue with the previously agreed share swap ratio, under which Devyani International will issue 177 shares for every 100 shares of Sapphire Foods India.

Between Jul 2015 and Aug 2021, Sapphire Foods had attracted about $293-M from Creador, Edelweiss Private Equity, Samara Capital, TPG Newquest, TR Capital, CX Partners, Goldman Sachs, Others.For FY25, Sapphire Foods had reported about INR Cr in Operating Income and about INR Cr in PAT.