Patanjali Foods announces OFS, shares slip 5%
Patanjali Ayurved, a promoter of Patanjali Foods, will make at least Rs 2,530 crore from the share sale at the floor price. Patanjali Ayurved held 14,25,00,000 shares, or 39.37 per cent stake in Patanjali Foods as of June 30.
Promoters of Patanjali Foods announced a two-day offer for sale (OFS) on Wednesday, July 12, 2023. Post this news, Patanjali Foods' stock declined 5 per cent or Rs 61.30 to Rs 1,165.105 apiece on the BSE today, July 13, 2023, at 2.34 PM IST.
As per a stock market disclosure, the promoter entity is looking to sell up to a 7 per cent stake (2.53 crore shares) at a floor price of Rs 1,000 per share.
Shares of Patanjali Foods closed marginally higher at Rs 1,228.05 apiece at the BSE on Wednesday, and its market capitalisation stood at Rs 44,454.78 crore.
Patanjali Ayurved, a promoter of Patanjali Foods, will make at least Rs 2,530 crore from the share sale at the floor price. Patanjali Ayurved held 14,25,00,000 shares, or 39.37 per cent stake in Patanjali Foods as of June 30.
The promoter group held 29,25,76,299 shares, or an 80.82 per cent stake in the company. This is more than 75 per cent that a promoter group can hold in a company as per minimum public shareholding norms.
Earlier, Patanjali Foods had launched a Rs 4,300 crore Follow-on Public Offer (FPO) to increase the public shareholding.
Patanjali Foods: Past performance
Patanjali Foods have gained 12.10 per cent of their value in the past one year, a period in which the headline Nifty index has remained flat. However, the company's shares have decreased by 2.37 per cent on a year-to-date (YTD) basis.
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