The meeting of the Board of Directors of DFM Foods to decide on a proposal for voluntary desisting of shares of the company is scheduled today, August 25. Ahead of the board meeting, shares of DFM Foods were trading with nearly four per cent to Rs 334.90 per share in BSE intraday trade on Thursday. The stock is under ASM (Additional Surveillance Measure ) stage 1.
The company has intimated about the same to the exchanges on August 16 through a regulatory filing.
Earlier, JM Financial Limited, manager to the offer, for and on behalf of the promoter, AI Global Investments (Cyprus) PCC Limited (“Acquirer” or “Promoter’’) along with AI Darwin (Cayman) Limited as the person acting in concert with the Promoter (“PAC”), has informed that the company will acquire all equity Shares that are held by public shareholders either individually or collectively, as the case may be; and
Consequently, voluntarily delist the equity shares from the BSE Limited and the National Stock Exchange of India Limited, by making a delisting offer in accordance with the Delisting Regulations
“In furtherance of the above, we wish to inform you that a meeting of the Board of Directors of the Company is being convened on August 25, 2022 to inter alia: a) take on record and review the due diligence report of the peer reviewed company secretary (“Company Secretary”) appointed to carry out the due diligence in accordance with Regulation 10(3) and any other applicable provisions of the Delisting Regulations,” the company has said in a regulatory filing while informing about the Board meeting date.
In the Board meeting today, the company will also consider and approve/ reject the delisting Proposal after discussing and taking into account various factors and the Company Secretary’s due diligence report
The agenda of the meeting also involves considering other matters incidental thereto or required in terms of the Delisting Regulations, including seeking shareholders’ approval.
It had also said the trading window for dealing in shares of the company will remain closed with effect from 16th August, 2022 till the end of 48 hours after the declaration of outcome of the proposed Board Meeting to the Stock Exchanges by the Company.
About DFM Foods
DFM Foods is a leading player in manufacturing packaged snacks. Over the past 35 years since its inception, it has expanded its portfolio to more than 15 products, such as corn rings, corn puffs, wheat puffs, and crispy sticks, under the brand names CRAX, CURLS, NATKHAT, and FRITTS. In the “namkeen” segment, it offers a range of 12 distinct product variants that include Bhujiyas, Daals, Mixtures, and Nut-Mixes. The company’s manufacturing unit spread across Ghaziabad, Greater Noida, and Kashipur (Uttarakhand).