"Al Global Investment's is making an open offer to acquire up to 34,134,935 equity shares constituting 68.12 per cent of the paid-up share capital and 67.9 per cent of the expanded voting share capital. The purchaser has the right to appoint the directors on the board of the company upon closing of the transactions as per the terms of the share purchasing agreement," the company said in a statement.
AI Corp has also signed a purchase pact with WestBridge Crossover Fund LLC, Aravali Investment Holdings and Jwalamukhi Investment Holdings to acquire 12,460,585 shares, constituting 24.87 per cent of the paid-up share capital and 24.79 per cent of the expanded voting share capital.
Last week, the PE firm agreed to invest Rs 1,000 crore in non-bank lender Aditya Birla Capital Ltd along with Premji Invest.
Advent has significant investment experience in the retail, consumer and leisure sector, according to reports. In the past 29 years, the firm has invested more than 11 billion in over 75 companies in the sector worldwide.
DFM Foods has manufacturing facilities in Ghaziabad and Greater Noida in the Delhi NCR region and sells its products through a robust countrywide distribution network.