Devyani International Ltd on Tuesday provided updates on its merger with Sapphire Foods. The companies will operate on a common technology stack post-merger, with KFC systems transitioning to Devyani’s platform.
The group expects to benefit from a unified tech infrastructure, while Yum will continue to handle marketing and innovation for KFC. A floor price of ₹280 per share has been set, and a one-time payment of ₹320 crore will be made to Yum.
Closing of the merger is bilateral and projected within 13–18 months of signing the agreement.
Under the terms of the deal, Sapphire shareholders will receive 177 Devyani shares for every 100 shares held.
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Promoters of Sapphire, which will cease to exist post-merger, held a 26.07% stake as of September 30, 2025, while public shareholders accounted for nearly 74%, including stakes held by Indian and global mutual funds.
Devyani promoters held 61.4% of the company, with public investors accounting for around 39%, including mutual funds and HDFC Life Insurance.
Sapphire had fewer than 50,000 retail shareholders controlling a 3.1% stake, down from over 89,000 at its listing in 2021, reflecting the gradual consolidation of shareholding ahead of the merger.
