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Sapphire Foods India Limited announced that its Board of Directors has approved a scheme of arrangement for its amalgamation with Devyani International Limited. Effective from April 1, 2026, Sapphire Foods will be absorbed into Devyani International.

In consideration of the amalgamation, Devyani International will issue 177 equity shares of face value ₹1 each for every 100 equity shares of face value ₹2 each held by Sapphire Foods shareholders. The Board also approved the merger framework agreement.

The effectiveness of the scheme is subject to various statutory and regulatory approvals, including from the Competition Commission of India, stock exchanges, National Company Law Tribunal, creditors, shareholders, and other third parties. Additionally, it is conditional upon the sale of approximately 18.5% of Sapphire Foods' equity share capital by SFML to Arctic International Private Limited.

The company also approved the execution of a binding term sheet among Pizza Pete Franchising, LLC, Finger Lickin Good Franchising LLC, Yum US, Kentucky Fried Chicken International Holdings LLC, Taco Bell Corp., Pizza Hut International, LLC, Yum India, SFML, Devyani International, and Sapphire Foods India Limited, to organize current and future business operations.

Furthermore, the Board approved the shifting of Sapphire Foods India Limited's registered office from Maharashtra to Haryana, subject to member and governmental approvals. A notice for postal ballot will be sent to shareholders in due course.

The Board meeting commenced at 5:28 p.m. and concluded at 6:05 p.m. on January 1, 2026.