Sapphire Foods dishes more

Sapphire Foods, which holds the franchisee for KFC and Pizza Hut is increasing its stake in its step-down subsidiary incorporated in Maldives, Gamma Island Food Private Ltd (GIFPL), from the current 51% to 75%.

This stake hike will cost Rs.10.15 crore.  The proposed acquisition is by way of subscription to the additional equity shares issued by GFIPL to GPOPL, in one or more tranches, pricing of which is based on a chartered accountant report.

The stock price has decided to follow the overall market trend and stays in the red. The stock price slipped over 2% to Rs.1211.70 and remains in the red, trading at Rs.1218 levels. Its 52-week low is at Rs.910 and high at Rs.1572.95.