Sapphire Foods has received approval from exchanges for a merger with Devyani International, which is expected to create a large quick service restaurant entity. The merger is reported to involve combining franchises for KFC and Pizza Hut under a single entity, although details of the merger are not fully clear. Shares of the companies have reacted to the news, with Devyani International's share price rising and Sapphire Foods' share price moving in the opposite direction.