DFM Foods opened itself today at its 20% UC of the day at Rs.304.30, where it now remains frozen; the second consecutive day. Its 52-week high is at Rs.378.
The stock hit the UC after PE fund, Advent Inetrnational, which through its subsidiary, AI Global Investments holds a 73.70%, expressed interest to delist the shares of the company from stock exchanges.
Explaining the rationale for the delisting proposal, the company said that the proposed delisting would enable the acquirer (AI Global Investments) along with members of the promoter and promoter group of DFM Foods to obtain full ownership of the company which will in turn provide increased operational flexibility.
The discovered price will be determined through the reverse book building process specified in Schedule II of the Delisting Regulations, after fixation of the ‘floor price’.