DFM Foods tanks 9% post open offer from WestBridge Capital

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Moneycontrol Bureau

Shares of DFM Foods lost nearly 9 percent intraday Tuesday, immediately after it touched a record high of Rs 1,595 in early trade. The correction in stock price was due to offer price of Rs 1,320 that was 14.5 percent lower compared Monday's closing price of Rs 1,544.25.

WestBridge Capital has made an open offer for acquiring 26,10,836 fully paid up equity shares (representing 26 percent of total paid equity) of company through its entities Aravali Investment Holdings, Jwalamukhi Investment Holdings and WestBridge Crossover Fund, LLC.

The open offer size is approximately Rs 345 crore.

ICICI Securities is the manager to this open offer.

At 13:14 hours IST, the scrip of DFM Foods was quoting at Rs 1,525.25, down Rs 19.00, or 1.23 percent on Bombay Stock Exchange.Posted by Sunil Shankar Matkar