Devyani International Share Price Gains 5% After NSE, BSE Nod for Merger with Sapphire Foods

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 and Sapphire Foods Merger Scheme Details 

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. 

Regulatory Compliance and Approvals 

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. 

Timeline for Filing and Approvals 

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. 

Filing with NCLT 

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. 

Shareholders and Creditors' Role 

The transaction requires final approval from the respective shareholders and creditors of both entities. Their consent is essential for the scheme to move forward. 

Impact and Disclosures for Shareholders 

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. 

Read More: REC Receives Presidential Approval for Merger with Power Finance Corporation! 

Devyani International Share Price Performance 

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.  

Conclusion 

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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