Patanjali Foods coming up with FPO; Process to start in April

17 Mar 2023 , 10:20 AM

After the stocks of Patanjali Foods’ promoters freeze by stock exchanges, the company said it will not affect its operations. In an interview with PTI, Baba Ramdev, promoter of Patanjali said the company will be coming up with follow-on public offer (FPO) and the process will start in April.

As per the news, the company will increase public shareholding by 25%. 

In the interview, Ramdev has assured that investors and public shareholders would have no impact of Patanjali Foods Ltd’s (PFL) operation and financial performance and its growth trajectory will remain intact.

Baba Ramdev said, “We will be diluting around 6 per cent stake. There are no questions about that.” He added, “PFL is being operated by Patanjali group in an ‘ideal way’ and is taking care of all factors such as the expansion of business and distribution, profitability and performance.” He said that the delay in FPO is due to uncertain market conditions.

The Haridwar-based group has informed on Wednesday that the stock exchanges, BSE and NSE has frozen shares of its 21 promoter entities, including Patanjali Ayurved and Acharya Balkrishna, who is the managing director of Patanjali Ayurved and co-founder of Patanjali Yogpeeth Haridwar, for failing to meet minimum public shareholding norms.