KFC Operators Devyani, Sapphire Announce Merger; Shares to React Friday

• Devyani International Ltd. and Sapphire Foods Ltd. (KFC operators) announced a merger, confirming a CNBC-TV18 newsbreak.
• Sapphire shareholders will receive 177 shares of Devyani International for every 100 shares they own.
• Both companies are tightly held with a small retail investor base, a common factor beyond business synergies.
• Sapphire's promoters held 26.07%, with MFs and institutions holding significant public stake; retail held 3.1%.
• Devyani's promoters held 61.4%, with MFs and HDFC Life holding public stake; small retail held 3.5%.

Why It Matters: KFC operators Devyani and Sapphire merge, consolidating operations and impacting their tightly held shareholder bases.