DGM Realties Private Limited expressed its intent to acquire BF Investment Limited (NSEI:BFINVEST) from its shareholders on December 30, 2022. The consideration for the shares to be acquired will be determined through the reverse book building process specified in Schedule II of the Delisting Regulations, after fixation of the ‘floor price' which will be determined in terms of Regulation 20(2) of the Delisting Regulations read with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended. The transaction is subject to the board approving the delisting proposal, shareholders of BF Investment Limited approving the offer. The transaction is also subject to regulatory approvals, stock exchange approvals and a minimum tender sufficient for delisting the shares. As of January 4, 2023, the delisting has been deferred.
Pavan Naik of Axis Capital Limited acted as a financial advisor to DGM Realties Private Limited. SVD & Associates acted as a due diligence provider to BF Investment Limited.