Devyani International Revises Sapphire Merger After Arctic Stake Purchase Ends

The Board approved amended merger documents after Arctic and Sapphire Foods Mauritius mutually terminated the SPA for Sapphire’s proposed 18.5% secondary sale. The sale will not occur; the 177:100 share-exchange ratio and other Scheme terms remain unchanged, and the merger continues subject to approvals. Context: removes a remaining merger hurdle.