Devyani International share price: merger timeline 2026

Share price snapshot around early September 2026

Devyani International’s share price was ₹139.3 as of 5 Sep 2026, according to the provided data. It was also reported at ₹139.28 on NSE and ₹139.2 on BSE as on 4/9/2026. Separately, the dataset also references a current price of ₹136 (no date specified in the text). These price points matter because the company is in the middle of a closely watched corporate action that could change its scale in the Indian QSR space.

What the deal is: Sapphire Foods to merge into Devyani

The transaction under discussion is a merger of Sapphire Foods India Ltd into Devyani International Ltd through a composite scheme of arrangement. Both companies are described as franchise operators for Yum! Brands in India, including KFC and Pizza Hut. The scheme positions Devyani as the transferee company and Sapphire as the transferor company, under the structure referenced in the provided material.

The key change on Aug 26, 2026

Sapphire Foods India Limited said its Board approved a revised scheme of arrangement for the amalgamation with Devyani International Limited on August 26, 2026. The revision followed the termination of a proposed secondary share sale involving Sapphire Foods Mauritius Limited (SFML), identified as a promoter entity.

Crucially, the updated scheme removes completion of that secondary sale as a condition precedent for the merger scheme to become effective. In practical terms, the merger’s progression is no longer linked to the completion of that now-terminated sale, based on the information provided.

Share-swap terms remain unchanged

While the condition precedent changed, the share-swap terms were kept intact. Under the stated exchange ratio, eligible shareholders will receive 177 equity shares of Devyani International for every 100 equity shares held in Sapphire Foods. The data explicitly notes that Sapphire’s August 26 revision keeps the amalgamation on its existing share-swap terms, while removing the secondary sale as a precondition.

Stock exchange observation letters: what NSE and BSE said

The companies received formal observation letters from the stock exchanges, which the material frames as an important procedural milestone. NSE issued a “no objection” letter and BSE conveyed “no adverse observations” for the composite scheme of arrangement. These letters are presented as clearing the path for the next stage of filing, while still keeping the scheme subject to other approvals.

The dataset repeatedly emphasizes that the scheme also requires adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, alongside statutory and regulatory approvals, including shareholder confirmation.

The six-month window and the filing deadline

A key procedural detail is the observation letter validity. The observation letter is stated to remain valid for six months from June 12, 2026. During this window, the companies are required to submit the scheme before the National Company Law Tribunal (NCLT).

However, the material also clarifies an important sequencing condition. The companies are described as being barred from filing the scheme before the NCLT until Competition Commission of India (CCI) clearance is obtained. In other words, the NCLT filing is framed as the next milestone, but only after CCI approval.

Regulatory sequencing: CCI first, then NCLT

Across the provided text, the next step is consistently described as filing the draft scheme before the NCLT after CCI approval. The scheme is stated to be subject to necessary statutory and regulatory approvals, including those from the Competition Commission of India (CCI).

This sequencing matters because it defines what investors can realistically track next: first, any update on CCI clearance, and then the formal NCLT filing within the observation-letter validity period.

How markets reacted when observation letters arrived

The dataset includes a specific market reaction point. On June 16, 2026, Devyani International share price surged up to 9% to an intraday high of ₹121.38, while Sapphire Foods rose up to 7% to ₹185.58. This move was linked to both companies receiving observation letters from NSE and BSE for their proposed merger scheme.

Timeline and expected process duration

The scheme was approved by the Board of Directors on January 1, 2026, according to the table and accompanying context. The process timeline is referenced as expected 12-15 months in the provided milestones.

Given the number of required approvals mentioned (CCI, NCLT, and other customary consents including shareholder confirmation), the stated 12-15 month timeline reflects that this is a multi-stage process rather than a single event.

Other disclosed update: tax demand quashed at subsidiary

Separately, the dataset notes that Devyani International announced its wholly-owned subsidiary, Sky Gate Hospitality Private Limited, has successfully quashed an Income Tax demand of ₹5.952 crore (INR 59.52 million). While not directly part of the merger process, it is a disclosed corporate update included alongside the merger-related developments.

Key facts at a glance

What investors will likely track next

Based on the provided context, the immediate gating item is CCI approval, because the companies cannot file before the NCLT without it. Separately, the six-month validity from June 12, 2026 sets a defined time window referenced in the text for submitting the scheme to the NCLT.

The other concrete datapoint to monitor is whether the companies reiterate or update the 12-15 months expected timeline as additional approvals come in.

Conclusion

The Sapphire Foods board’s Aug 26, 2026 revision kept the share-swap ratio unchanged but removed a terminated secondary share sale as a condition precedent, tightening the merger path operationally. With NSE and BSE observation letters already in place, the next milestone described in the material is CCI clearance, followed by filing the scheme before the NCLT within the observation-letter validity window.