Overview
- Devyani will issue 177 shares for every 100 Sapphire shares in an all-stock merger reported at about US$934 million.
- The combined operator would oversee more than 3,000 KFC and Pizza Hut outlets across India and overseas, including Sapphire’s presence in Sri Lanka.
- Management projects annual synergies of Rs 210–225 crore from the second full year after integration.
- The scheme sets an appointed date of April 1, 2026 and requires approvals from stock exchanges, the Competition Commission of India, the National Company Law Tribunal and shareholders.
- As part of the transaction, Arctic International will acquire about 18.5% of Sapphire’s equity, and the Jaipuria family’s promoter stake in the merged Devyani is expected to decline to roughly 47.83%.