Devyani International, Sapphire Foods Merger Approved; Shares React Sharply

• Boards of Devyani International and Sapphire Foods have approved their long-discussed merger, effective April 1, 2026 (FY2027).
• Following the announcement, Sapphire Foods shares initially fell over 5%, while Devyani International shares surged over 7%.
• Sapphire Foods shareholders will receive 177 Devyani International shares for every 100 shares held; Devyani will also acquire 19 KFC outlets.
• The merger aims to consolidate KFC and Pizza Hut operations under one listed entity, enhancing efficiency and expansion.
• The deal is expected to create revenue and cost synergies, improve operating leverage, and boost Devyani International's valuation.

Why It Matters: Major merger approved for Devyani International and Sapphire Foods, promising synergy and growth.