Devyani International Limited (DEVYANI) and Sapphire Foods India Limited (SAPPHIRE) are advancing with a proposed Scheme of Arrangement.
The companies have received formal Observation Letters with no objection and no adverse observation from NSE and BSE, respectively.
Devyani International Limited (Transferee Company) and Sapphire Foods India Limited (Transferor Company) are engaged in a proposed Scheme of Arrangement.
The National Stock Exchange (NSE) has issued a "no objection" letter, while BSE Limited (BSE) has provided a "no adverse observations" stance.
The regulatory disclosure is issued under Regulation 30 and 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The companies must comply with these regulations to proceed with the scheme.
The Observation Letters are valid for 6 months from June 12, 2026. The companies must file the scheme before the National Company Law Tribunal (NCLT) within this period.
However, they are barred from filing until the necessary Competition Commission of India (CCI) clearance is obtained.
The companies are required to formally file the scheme with the NCLT, following receipt of CCI approval. This step is crucial for the progression of the Scheme of Arrangement.
The transaction requires final approval from the respective shareholders and creditors of both entities. Their consent is essential for the scheme to move forward.
SEBI and the exchanges mandate that companies disclose specific details in their explanatory statements.
These include the deal rationale, impact analysis, financial audits, and secondary sale transparency.
Additionally, promoters must show the shift in shareholding patterns pre- and post-merger.
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As of June 16, 2026, at 9:39 AM, Devyani International share price on NSE was trading at ₹117.05 up by 5.07% from the previous closing price.
The Scheme of Arrangement between Devyani International and Sapphire Foods involves regulatory compliance, shareholder approvals, and antitrust clearance. The companies have received "no objection" and "no adverse observations" from NSE and BSE, with Observation Letters valid for 6 months from June 12, 2026.
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Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Jun 16, 2026, 10:06 AM IST
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