Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Devyani International Ltd. ( (IN:DEVYANI) ) has provided an announcement.
Devyani International’s board has approved a Scheme of Arrangement to amalgamate Sapphire Foods India Limited into Devyani International, with Sapphire shareholders to receive 177 fully paid equity shares of Devyani (face value Re 1) for every 100 equity shares of Sapphire (face value Rs 2). The merger framework agreement, involving RJ Corp and Sapphire’s promoter entities, outlines the mechanics and obligations for implementing the scheme, which remains subject to approvals from regulators including the Competition Commission of India, stock exchanges, the National Company Law Tribunal, shareholders and creditors, and contingent on the prior transfer of an 18.5% stake in Sapphire from Sapphire Foods Mauritius to Arctic International or an assigned financial investor. Separately, Devyani and Sapphire have signed a binding term sheet with Yum group entities and related franchising companies to acquire 19 KFC stores owned by Yum Restaurants (India) and to formalize their future business organization with Yum, with definitive agreements to follow and effectiveness tied to the merger’s NCLT approval. The board has also cleared a proposal to shift Devyani’s registered office from the National Capital Territory of Delhi to the State of Haryana, along with a corresponding change to the company’s Memorandum of Association, which will be placed before shareholders via a postal ballot, signaling further consolidation of its corporate base around its Gurugram corporate office.
More about Devyani International Ltd.
Devyani International Limited is a quick-service restaurant operator headquartered in Gurugram, Haryana, and part of RJ Corp. The company runs major franchisee operations for global QSR brands in India, focusing on fast-growing food-service markets across the country.
Average Trading Volume: 189,105
Technical Sentiment Signal: Sell
Current Market Cap: 175.6B INR
See more insights into DEVYANI stock on TipRanks’ Stock Analysis page.