Following a 7% stake sale, the promoter stake has been reduced from 80.82% in Patanjali to 73.82%. Accordingly, the company has now become compliant with minimum public shareholding requirements of 75%.
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.
GQG Partners and other investors have purchased a 5.96% stake in Patanjali Foods through an offer for sale. The stake was acquired through various funds managed by GQG Partners.
According to an exchange filing on Wednesday, the promoter entity is looking to sell up to 7% stake (2.53 crore shares) at a floor price of Rs 1,000 per share. It was also supposed to sell another 2% in case there was an oversubscription. However, Patanjali Ayurved said on July 13 that it will not utilise the 2% oversubscription option (also called the greenshoe option). It did not mention the reason behind the change of mind.
According to block deals data available with the exchanges, Fidelity bought a combined stake of 0.32% or 11.82 lakh shares. The transaction was done at a weighted average price of Rs 1,155 apiece.