DFM Foods share price locked at an upper circuit of 20 per cent to Rs 304.30 and Rs 302.85 per share on the BSE and NSE, respectively, during Tuesday’s session amid the proposal to delist the equity shares from the stock exchanges.

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DFM Foods, a small-cap packaged foods company, shares were in June 2021 recommended as a SIP Stock by Zee Business Managing Editor Anil Singhvi. Back then, he had talked about the delisting of the stock by its promoter Advent International.

“Delisting has been one of the important triggers for DFM Foods shares. It has always been in the focus since the entry of a new promoter Advent International," Singhvi said.

The new promoter may delist DFM Foods shares and there has also been a strong buzz regarding the same, the Managing Editor had said earlier. “This has been a worldwide trend for Advent International... it delists the stocks after the acquisition,” he had added.

Whenever the delisting of DM Foods takes place, chances will be high that it will yield good premium, Singhvi had said back then while recommending this stock in SIP Stock.

“We are pleased to inform you that JM Financial Limited has been appointed as the Manager to the Delisting Proposal,” the company said in a regulatory filing on Monday

The promoter has expressed intention to “acquire all the 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 stock exchange where Equity Shares are presently listed at BSE and NSE and together with BSE, by making a delisting offer in accordance with the Delisting Regulations.”

The stock in the last one month has jumped over 22 per cent and declined around 10 per cent in the last one year on the BSE.