Shardul Amarchand Mangaldas Advised Sapphire Foods India Limited And Samara Capital On Sapphire’s Merger With Devyani International Limited
Shardul Amarchand Mangaldas advised Sapphire Foods India Limited and Samara Capital on Sapphire’s merger with Devyani International Limited
The leading law firm in India, Shardul Amarchand Mangaldas advised as the sole legal counsel to:
- (i) Sapphire Foods Mauritius Limited, a Samara Capital entity and promoter of Sapphire Foods India Limited, in relation to the merger of Sapphire Foods India Limited with Devyani International Limited and the sale of Samara’s 18.5% shareholding in Sapphire; and
- (ii) Sapphire Foods India Limited, in relation to its merger with Devyani International Limited.
Sapphire Foods India Limited and Devyani International Limited, both listed on BSE Limited and the National Stock Exchange of India, operate KFC and Pizza Hut restaurants in India and select overseas markets under franchise arrangements with Yum! Brands. The transaction results in a significant consolidation of Yum! Brands’ India business, with Devyani International Limited emerging as the sole listed franchisee in India.
The transaction also involved a secondary sale of an 18.5% shareholding in Sapphire by Samara Capital to Arctic International Private Limited, an entity associated with the promoter group of Devyani International Limited. Arctic International Private Limited may further assign the agreement to a mutually agreed financial investor.
The transaction team advising on the matter was led by Jay Gandhi (Partner), along with Akhshath Vidyanath (Senior Associate), Ankit Parekh (Senior Associate), Yashvardhan Mittal (Associate), Rhea Tewary (Associate) and Jay Sureka (Associate). Securities law aspects were advised by Yogesh Chande (Partner), with support from Preeti Kapany (Principal Associate) and Anushri Mandal (Associate).
The Competition law advice was provided by Harman Singh Sandhu (Partner) and Nitika Dwivedi (Partner) along with their respective teams. NCLT and scheme-related advisory support was provided by Anirudh Das (Partner) and team. Banking and finance inputs were advised by Veena Sivaramakrishnan (Partner) with support from Siddharth Jasrotia (Associate). Litigation support was led by Shreya Jain (Partner), assisted by Prachi Gupta (Associate).
The Special acknowledgements were made to Anirban Bhattacharya (Partner), Jeel Panchal (Principal Associate) and Ambarish (Partner).
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