Devyani Intl, Sapphire Foods Merger: Shares React, Analysts See 45% Upside

• Devyani International and Sapphire Foods announced merger plans, impacting share prices.
• Devyani shares surged 8%, while Sapphire Foods shares dropped 6% post-announcement.
• The merger combines two major Yum! Brands franchise partners in India into a single QSR platform.
• Sapphire Foods will merge into Devyani International via a share-swap: 177 Devyani shares for every 100 Sapphire shares.
• Analysts like JM Financial project up to 45% upside in the combined market capitalization, citing scale benefits and improved unit economics.

Why It Matters: Merger of Devyani Intl and Sapphire Foods creates a QSR giant, with analysts predicting significant upside.