Sapphire Foods to increase stake in Maldives-based GFIPL from 51% up to 75% ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 15
Sapphire Foods India Ltd (SPIL) on Tuesday announced to increase its stake in GIFPL to 75 per cent from the current 51 per cent Gamma Island Food Private Ltd (GIFPL) operates Pizza Hut and KFC restaurants in Maldives under franchisee agreements. "The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SPIL, has considered and approved subscription of upto 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of upto 1.88 crore Maldivian Rufiyaa (Rs 10.15 cr)," it said. SPIL further added, "Pursuant to this proposed acquisition, the equity shareholding of GPOPL in GIFPL will be increased

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