Devyani International and Sapphire Foods shares jump 7% after BSE
Devyani International and Sapphire Foods just saw their shares jump up to 7% after the BSE issued an observation letter with no adverse observations on their merger proposal.
With no red flags from the exchange, both companies can now take their plan to the National Company Law Tribunal (NCLT) for the next steps.
If it all goes through, big names like KFC and Pizza Hut could end up under one giant quick-service restaurant group.
BSE seeks full disclosure before vote
Before shareholders get a say, the BSE wants full disclosure: think details on who owns what before and after the merger, what assets and debts are moving around, any ongoing legal issues, regulatory actions, and changes in promoter status.
Plus, there's a proposed stake sale involving Sapphire Foods Mauritius that needs to be put out in the open too.