Advent International has deemed Indian snack food company DFM Foods Ltd’s delisting offer successful, with the final price set at Rs 467 per share, according to a statement from JM Financial on Friday.

With the acquisition, Advent International Corp, which previously held a 73.70% stake in DFM Foods through its subsidiary AI Global Investments (Cyprus) PCC, now has a 96.18% stake in the company. The bidding window opens on December 13 and closes on January 5. 10.61 million shares were acquired at a counter price of Rs 467 each through 1,779 successful bids.

Last August, Advent International, which holds a majority stake in DFM Foods through its subsidiary AI Global Investments, announced a reverse book-building bid to delist the packaged food maker from the stock exchange and set a floor price of Rs 263.80 for an additional 26.3% stake.

The company said earlier that the delisting would allow the acquirer and promoter group to own the company fully and provide greater operational flexibility to support operations and make new investments. The proposal would also reduce compliance costs.

Dongfeng Foods has lost money for six consecutive quarters. It reported a loss of Rs 12 crore for the September quarter, compared to Rs 14.4 crore in the previous quarter. Revenue was at Rs 164.97 crore as against Rs 145.90 crore in the preceding quarter. Total debt as of September 2022 stands at Rs 90.12 crore compared to Rs 117.15 crore in FY2022.

DFM Food shares were trading at Rs 459.25 per share on the BSE at 9:32 am, up 1.3% from their previous close, while the Sensex rose 0.01% to 60,361.