Devyani International Limited's share price surged in the final trading session of this week. On Friday, the company's share price rose 8 per cent to ₹157.37. The company recently announced its merger with a firm called Sapphire Foods Limited. Experts say this growth is due to that development. However, Sapphire Foods' share price fell by more than 4 per cent to ₹247.10.
Devyani International and Sapphire Foods operate as quick-service restaurant chains. These two companies run food brands like KFC, Pizza Hut, and Yum in the Indian market. They will now merge and consolidate their businesses. Devyani International has also informed about this in a stock exchange filing. These two companies operate nearly three thousand outlets in the country.
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After this merger, Devyani International will give 177 shares for every 100 shares to Sapphire Foods shareholders. This share distribution will be done based on current share prices. Sapphire Foods will completely merge with Devyani.
Devyani International's share price has fallen by more than 21 per cent in the past year. In the last 6 months, it has declined by more than 10 per cent. However, the company's share price has risen by more than 11 per cent in the past month.
The same situation applies to Sapphire Foods' share price. This stock's price has fallen by more than 26 per cent in the past year. This stock has declined 21 per cent in the last 6 months. However, this stock's price has risen by only 2 per cent in the past month.
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