Promoter of Patanjali Foods to sell upto 9% through OFS

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Patanjali Foods He said on Wednesday that the offer to sell (OFS) by one of its promoters, Patanjali Ayurved, at a minimum price of INR 1,000 per share, will open on Thursday (for non-retail investors) and Friday (for retail investors). Patanjali Ayurved plans to sell up to 9 percent of its stake to meet the minimum public shareholding base.

Patanjali Foods said the promoter is looking to offload up to Rs 2.53 crore shares, which is 7 per cent of the total paid-up share capital of the company. Besides, there will be provision to sell up to 72,39,897 Shares, which represents 2% of the total paid-up share capital, in case of oversubscription.

The promoters currently own 80.8 per cent in Patanjali, of which Patanjali Ayurved owns about 39.37 per cent stake.

The floor price is at a steep 18.36 per cent discount to Wednesday’s closing price of INR 1,225 on BSE.

In March, the stock exchange and the National Stock Exchange (NSE) froze the promoter’s shares because it failed to meet a minimum public shareholding.