Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessStocks

DFM Foods delisting offer successful, price set at Rs 467 a share

With this acquisition, Advent International Corp which earlier held a 73.70 per cent stake in DFM Foods through its subsidiary AI Global Investments (Cyprus) PCC now holds 96.18% stake in the firm. The tendering window was opened on 13 December and ended on 5 January.

January 06, 2023 / 09:57 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The delisting offer for Indian snack food company DFM Foods Ltd is deemed successful by Advent International and the final price is set at Rs 467 a share, according to a statement issued by JM Financial on Friday.

With this acquisition, Advent International Corp, which earlier held a 73.70 percent stake in DFM Foods through its subsidiary AI Global Investments (Cyprus) PCC, now holds 96.18 percent stake in the firm. The tendering window was opened on December 13 and ended on January 5. It got 10.61 million equity shares through 1779 successful bids at counter offer price of Rs 467 a share.

In August last year, Advent International, which holds a majority stake in DFM Foods through its subsidiary AI Global Investments, announced a reverse book-building offer to delist the packed food maker from the stock exchanges and set the floor price at Rs263.80 per share to acquire an additional 26.3 percent stake.

The company earlier said that the delisting will make the acquirer along with promoter group to obtain full ownership of the company and will provide increased operational flexibility to support operations and make fresh investment. The offer will also result in reduction of compliance cost.

DFM Food is making losses for six consecutive quarters. For the September quarter it reported a loss of Rs 12 crore against Rs 14.4 crore a quarter ago. Revenue stood at Rs 164.97 crore against Rs 145.90 crore last quarter. Total debt as of September 2022 stood at Rs 90.12 crore versus Rs 117.15 crore in fiscal year 2022.

At 9.32am, DFM Food stock was trading at Rs 459.25 a share on the BSE, up 1.3 percent from previous close while Sensex rose 0.01 percent to 60,361 points.

Moneycontrol News
first published: Jan 6, 2023 09:45 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347