The stock of DFM Foods rallied the most in over two years after AI Global Investments Cyprus PCC bought 2.71 crore shares, representing 54.13% of equity through block deals on the BSE. The trade took place at an average price of Rs 249.50 per share, amounting to Rs 676.70 crore.
Share of the snack foods maker surged as much as 13.01% on the BSE to mark its biggest single-day gain since June 2017 to close at Rs 282.25. The market capitalisation of the company stood at Rs 1,414.31 crore as of Wednesday’s close. The promoter had pledged 85.05% of their holding as of September 2019.
With this deal, the largest promoter entity — The Delhi Flour Mills Co — have pared its entire holdings of 32.55% in the company. The other promoter entities — Surekha Jain and Mohit Jain — also have made a complete exit by selling their 3.76% and 1.7%, respectively through the bulk deals on Wednesday. Other investors who offloaded their holdings include HSBC Bank Mauritius Ltd A/C Jwalamukhi Investment Holdings, Man Mohan Singh and Anuradha Sharma they together offloaded 16.1% stake .
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Source: Financial Express