Devyani International Shares Rally on Revised Sapphire Foods Merger Plan

Devyani International shares rally 4% after revision in Sapphire Foods merger plan

Devyani International witnessed an uptick on Thursday after the company said its merger with Sapphire Foods India remains on track, while a proposed secondary share sale involving Sapphire Foods Mauritius and Arctic International has been called off. The share-swap ratio remains unchanged, but the revised deal alters the expected post-merger promoter holding.