Devyani International gains as Sapphire Foods merger stays on track
In short
Devyani International shares climbed about 4% after the company said its merger with Sapphire Foods India is still going ahead.
A planned secondary share sale was called off, and the share-swap ratio did not change.
What the reporting says
Devyani International shares rose about 4% after the company said its merger with Sapphire Foods India remains on track and a proposed secondary share sale was called off. The share-swap ratio stays unchanged, but the revised structure changes expected post-merger promoter holding.
Why it matters
Devyani International gained after it said the merger with Sapphire Foods India remains on track, while a proposed secondary share sale involving Sapphire Foods Mauritius and Arctic International was called off. The share-swap ratio is unchanged, but the revised structure affects expected post-merger promoter holding, including SFML joining on the same terms as other Sapphire Foods shareholders.