DFM Foods Ltd stock hit the 20 percent upper circuit for second consecutive session on August 16 after its promoters expressed interest to delist the shares of the company from stock exchanges.
Private equity firm Advent International, which holds a majority stake in DFM Foods via its subsidiary AI Global Investments, on August 15 announced the proposal to delist the snack maker from the bourses.
At 9.50am, shares of DFM Foods were trading at Rs 304.30 apiece on BSE, up 20 percent, while the benchmark Sensex advanced 0.67 percent to 59863 points.
In a regulatory filing, Advent expressed AI Global's intention to "acquire all the equity shares that are held by public shareholders, either individually or collectively, as the case may be."
Consequently, the Crax-maker will "voluntarily delist the equity shares" from the BSE and the NSE -- the two stock exchanges where they are presently listed, the filing stated.
"We are pleased to inform you that JM Financial Limited has been appointed as the manager to the delisting proposal," it further said.
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