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Patanjali Foods recently completed a sale of a 7 percent stake, resulting in a decrease in the promoter group's ownership in the company to 73.82 percent from 80.82 percent. This transaction ensured compliance with the minimum shareholding requirements
In the offer of sale (OFS), NRI Rajiv Jain-led GQG picked a 5.96% stake or about 2.15 crore shares of Patanjali. The floor price was kept at Rs 1,000 per share but allotment to non-retail investors was done at a share price of Rs 1,103.80. GQG's investment would, therefore, be worth around Rs 2,400 crore.
Patanjali Ayurved will offload about 2.53 crore equity shares under the OFS, which represents 7% stake, and in the case of oversubscription, the promoter is planning to sell additional 2%.
Shares of Patanjali Foods gained 0.77 per cent to Rs 1021.70 on Tuesday compared to the previous close of Rs 1013.90 on BSE.
Stocks to watch out for today: SBI, Coal India, Adani Ports, Suzlon Energy, Patanjali Foods, Torrent Pharma, Welspun Corp and more