GQG Partners acquires 5.96% stake in Patanjali Foods

20 Jul 2023 , 12:04 PM

US-based investment company GQG Partners has acquired a 5.96% stake in Patanjali Foods, a company that produces edible oils and is supported by Baba Ramdev-led Patanjali Ayurved. 

According to a regulatory filing, GQG Partners purchased 2,15,64,517 equity shares of Patanjali Foods via the offer for sale (OFS) mechanism. This is a 5.96% ownership position in Patanjali Foods.

On Wednesday, Patanjali Foods’ share price closed at Rs 1,332.75 per unit, up 4.64% from the previous day.

Patanjali Foods had a market value of Rs 48,245 crore. GQG Partners’ ownership in Patanjali Foods is valued at nearly 2,900 crore.

Patanjali Foods said last week that its promoter Patanjali Ayurved will attempt to increase the business’s public float by offering up to 2.53 crore shares of the company for sale through OFS. The ceiling price remained at $1,000.

On July 13 and 14, the promoter Patanjali Ayurved issued a two-day Offer For Sale (OFS) to reduce its overall investment in Patanjali Foods by about 7% in order to meet the minimum public shareholding requirement.

At the conclusion of the two-day offer on Friday, Patanjali Ayurved’s sale of Patanjali Foods shares had received more than twice as much interest. Retail buyers submitted bids for 76,34,567 shares in the offering, three times the 25,33,964 shares that were initially made available.

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