Shares of Devyani International Ltd are trading flat after touching a day’s high of Rs 140.49 on 7th January, as the company on Tuesday provided updates on its merger with Sapphire Foods. Post-merger, the combined entity will operate on a common technology stack, with KFC systems transitioning to Devyani’s platform.

The merged entity expects gains from a unified technology platform. Meanwhile, Yum will continue to manage KFC’s marketing and innovation. The deal includes a floor price of Rs 280 per share. It also involves a one-time payment of Rs 320 crore to Yum.

The merger is a bilateral transaction and is expected to close within 13–18 months of signing.

As per the terms, Sapphire shareholders will receive 177 Devyani shares for every 100 shares held.

As of 30th September, 2025, Sapphire’s promoters held a 26.07% stake. Public shareholders owned nearly 74%, including Indian and global mutual funds.

Devyani’s promoters held a 61.4% stake, with public investors accounting for about 39%, including mutual funds and HDFC Life Insurance.

Sapphire had fewer than 50,000 retail shareholders holding a 3.1% stake. This number is down from over 89,000 at its 2021 listing, indicating consolidation ahead of the merger.

At 12:06 PM, shares of Devyani International were trading 0.20% higher at Rs 139 on NSE.

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