Mumbai: The reverse book-building offer to delist DFM Food by private equity firm Advent International ended successfully on Monday, with 17.59% of the total equity tendered below the discovery price of ₹525 per share.
Promoters held a 74.76% stake in the company, and if they accept the discovered price of ₹525 per share, their stake will increase to 91.29%. Once the promoter has acquired control of the 90% of the share capital of a company, they can delist it from the bourses.
The tendering window, which opened on December 13, ended on Monday.
In August, Advent International, which holds a majority stake in DFM Foods via its subsidiary AI Global Investments, announced the proposal to delist the packed food maker from the stock exchanges and set the floor price at ₹263.80 per share.
Promoters held a 74.76% stake in the company, and if they accept the discovered price of ₹525 per share, their stake will increase to 91.29%. Once the promoter has acquired control of the 90% of the share capital of a company, they can delist it from the bourses.
The tendering window, which opened on December 13, ended on Monday.
In August, Advent International, which holds a majority stake in DFM Foods via its subsidiary AI Global Investments, announced the proposal to delist the packed food maker from the stock exchanges and set the floor price at ₹263.80 per share.
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