BSE : Activation of Withdrawal Window for Delisting of DFM Foods Ltd

NOTICES Notice No. 20221221-65 Notice Date ... | December 21, 2022

BSE : Activation of Withdrawal Window for Delisting of DFM Foods Ltd

(BSE)   Report
NOTICES This is in continuation with Exchange notice nos 20221219-51 dated December 19, 2022 and 20221209-41 dated December 09, 2022 for the Delisting Offer of DFM Foods Limited ("Target Company") made by AI Global Investments (Cyprus) PCC Limited ("Acquirer") along with AI Darwin (Cayman) Limited ("PAC") to the public shareholders of Target Companyfor which the bidding period closed on December 19, 2022.
JM Financial Limited ("Manager to the Delisting Offer") has submitted vide its letter dated December 21, 2022) along with post offer public announcement for failure of delisting offer cum public announcement of counter offer in accordance with Regulations 17(4), 22(4) and 23 read with Schedule IV of SEBI (Delisting of Equity Shares) Regulations, 2021, for the delisting of the equity shares of DFM Foods Limited (the "Target Company").
The Manager to the Offer, on behalf of the Acquirer and PAC, have rejected the Discovered Price of Rs.525 per Equity Share and launched a counter offer at a price of Rs.467 per Equity Share ("Counter Offer" and such price as "Counter Offer Price").
Public Shareholders who previously tendered their Equity Shares during the Reverse Book Building Process, have the option to withdraw their tendered Equity Shares within a period of ten working days following the publication of this Post Offer PA cum PA for Counter Offer (i.e. on any date from and including Thursday, December 22, 2022 up to and including Wednesday, January 4, 2023) ("Withdrawal Period"). Public Shareholders who wish to withdraw such tendered Equity Shares would have to do so through the same broker/seller member who placed their Bids in the Delisting Offer and ask the stock broker/seller member to withdraw their respective Bids. Upon withdrawing the Bid, the stock broker/ seller member shall provide a Transaction Registration Slip ("TRS") generated by the exchange bidding system to the Public Shareholder confirming such withdrawal. Such Public Shareholders have the option to tender their Equity Shares under the Counter Offer process to be laid down in the Counter Offer public announcement and the Counter Offer letter of offer.
Schedule Activities for withdrawal of shares tendered during the reverse book building process:
Sr. No.
Commencement of the option to withdraw the Equity Shares tendered during the Reverse Book Building process
9.15 am to 3.30 pm
Closure of the option to withdraw the Equity Shares tendered during the Reverse Book Building process
9.15 am to 3.30 pm

  1. During the Withdrawal Window, the shareholder shall be able to withdraw his already placed bids in Delisting Offer. New bid or modification of earlier bids shall not be allowed in this session.
  2. The shareholder shall not be allowed to do partial withdrawal of quantity of single bid. Only full withdrawal is permitted. In case of multiple bids, option of bid-wise withdrawal is provided (one can withdraw all the bids or selected bids).
  3. Upon withdrawal of the Bid, the Trading Member/ Seller Member shall provide a Transaction Registration Slip ("TRS") generated by the Exchange bidding system to the shareholder confirming such withdrawal.
  4. There shall be Single Settlement Number for all following Offers:
    · Delisting Offer
    · Withdrawal window
    · Counter Offer
  5. Upon withdrawal of shares during Withdrawal window, the said shares shall be available for shareholder to place bid in Counter Offer.
  6. The shareholder who have withdrawn the shares through Withdrawal Window and desire to place bid for Counter Offer will not be required to do the early pay-in again for Counter Offer.
  7. Clearing Corporation have facility with the Depositories for release of the shares of the shareholder who have withdrawn the shares through Withdrawal Window and does not want to offer his shares in Counter Offer.
  8. In such cases, the Trading Member/ Seller Member is expected to request Clearing Corporation for release of the shares through menu in ICCL Collateral - Early Pay-in Report - EPN Return, and mail to EMAIL.
  9. On receipt of such request for withdrawal, ICCL (Indian Clearing Corporation Ltd) will arrange to free the shares tendered by the client in their respective account on T Day, T being bid withdrawal day on best efforts basis.
  10. For Physical Shareholders, who have withdrawn their shares in physical form, the Trading Member/Seller Member/ Shareholder is required to send the TRS to Registrar (Register to Issue).
  11. On valid withdrawal of the bid and receipt of a TRS by the Registrar, the Registrar shall dispatch the physical share certificate(s) to the respective shareholders post completion of the Withdrawal Period.
  12. The Physical Shareholders who wish to tender their shares in Counter Offer need not submit their TRS to Registrar for return of physical share certificate(s).
  13. As set out in paragraph 17.12(i) of the Detailed Public Announcement and the Letter of Offer and in paragraph 5 of the Post Offer PA cum PA for Counter Offer, all the Offer Shares tendered by Public Shareholders during the Bid Period (i.e. December 13, 2022 to December 19, 2022) and not withdrawn during the Withdrawal Period, along with Offer Shares which are additionally tendered by them during the Counter Offer, will be considered as having been tendered in the Counter Offer at the Counter Offer Price.
    A copy of the public annoubcement is attached herewith.
    All Market Participants, Trading Members and Custodians are also requested to refer notice no -20201102-43 for operating guidelines.
    Mangesh Tayde Sandeep Pujari
    Assistant General Manager Deputy General Manager
    Listing Sales & Ops Trading Ops
    December 21, 2022 December 21, 2022 Attachments Original Link Original Document Permalink

Disclaimer BSE Ltd. published this content on 21 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2022 16:08:03 UTC.

Sales 2023 7 505 M 90,9 M 90,9 M Net income 2023 2 367 M 28,6 M 28,6 M Net Debt 2023 - - - P/E ratio 2023 35,1x Yield 2023 2,23% Capitalization 76 096 M 921 M 921 M Capi. / Sales 2023 10,1x Capi. / Sales 2024 8,21x Nbr of Employees 485 Free-Float 90,0%
Duration : Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max. Period : Day Week
Short TermMid-TermLong TermTrendsBullishNeutralBearish
Mean consensus HOLD Number of Analysts 4 Last Close Price 561,75 INR Average target price 618,33 INR Spread / Average Target 10,1%