Patanjali Foods shares fell 5% to Rs 1,166.65 on July 13 after the company announced an offer for sale (OFS) at a floor price of Rs 1,000 per share, representing a 19% discount on its previous closing price of Rs 1,228.05.
Following this development, Patanjali Foods’ counter plunged as much as 5%. The counter was trading at Rs 1,165.10 per piece, against the previous close of Rs 1,226.40.
This OFS will allow Patanjali Ayurved, the company’s promoter, to sell 2.53 crore shares at a fixed floor price.
The company will execute the OFS over a period of two days. The offer will open up for non-retailer investors on July 13 and on July 14 for retail investors.
The base size of the offer is ‘25,339,640 equity shares,’ representing 7% of total paid-up equity share capital. The company may also decide to sell an additional 72.39 lakh shares, representing 2% of the total stake.
The OFS will fetch the yoga guru Ramdev-led entity around Rs 3,258 crore at the base offer. The stake sale is being carried out in order to meet the minimum public shareholding requirement of 25%.
The Promoter and Promoter Group owned 80.8% of Patanjali Foods as of June 30, 2023, and Patanjali Ayurved held a 39.37% stake.
The stock exchanges froze 292.58 million shares of Patanjali Foods promoter group entities in March for failing to meet the minimum public shareholding norm by the deadline.
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