Devyani International Removes Secondary Sale Condition From Sapphire Merger

Board approved the amended Scheme and Merger Framework Agreement after mutual termination of the SPA between Sapphire Foods Mauritius and Arctic International, removing the 18.5% Secondary Sale Transaction as a condition precedent to the merger. The merger will continue subject to requisite approvals, with the 177:100 share exchange ratio and other scheme terms unchanged. The amendment simplifies completion by removing the secondary-sale condition. Post-scheme promoter and promoter-group holding is revised to 41.99%, while public shareholding rises to 58.01%; Arctic and SFML may explore a secondary transaction later, but timing and terms remain undisclosed.