Business Standard

Advent International to buy Indian snacks maker DFM Foods for Rs 1,178 cr

To buy 68% from WestBridge, promoters & 26% through open offer

TDS on Rs 1-crore cash withdrawal aimed at cracking down on black money

Ranju Sarkar New Delhi
Private equity firm Advent International is buying Indian snacks maker DFM Foods Ltd (manufacturer of Crax branded snacks) in a deal that will see existing investor WestBridge Capital exiting the company.

Advent has agreed to acquire almost 68% of DFM Foods from promoters and WestBridge for Rs 851.67 crore ($118.8 million) and has made an open offer to buy up to 26 per cent from the company's public shareholders, the Indian company said in a stock-exchange filing.

Advent is making the open offer at Rs 249.50 per share. That's 7.66% discount to the company's closing share price of Rs 270.20

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First Published: Sep 09 2019 | 8:59 PM IST

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