Sapphire Foods amends merger scheme, terminates secondary sale condition

Sapphire Foods India Ltd has amended its Scheme of Arrangement for amalgamation with Devyani International Limited. The company announced the termination of a Share Purchase Agreement (SPA) between its promoter, Sapphire Foods Mauritius Limited (SFML), and Arctic International Private Limited. This termination removes the condition of a secondary sale of approximately 18.5% of Sapphire Foods India's share capital as a prerequisite for the scheme's effectiveness. The share exchange ratio remains unchanged: 177 equity shares of Devyani International for every 100 equity shares of Sapphire Foods India. The Board has approved the revised Scheme and Merger Framework Agreement, and the merger process will continue subject to requisite approvals.