GQG Partners buys 5.96% stake in Patanjali Foods

economictimes.indiatimes.com:

GQG Partners has bought a 5.96% stake in edible oil firm Patanjali Foods, which is promoted by Baba Ramdev-led Patanjali Ayurved. GQG Partners has bought 2,15,64,517 equity shares of Patanjali Foods through Offer For Sale (OFS) route, according to a regulatory filing.

This translates into a 5.96% stake in Patanjali Foods.Patanjali Foods share price closed at ₹1,332.75 apiece on Wednesday, up 4.64% from Tuesday. The market cap of Patanjali Foods stood at ₹48,245 crore.

At current valuation, GQG Partners' shareholding in Patanjali Foods is worth nearly ₹2,900 crore. Last week, Patanjali Foods announced that its promoter Patanjali Ayurved will sell up to 2.53 crore shares of the company through OFS in a bid to increase public float.

The floor price was kept at ₹1,000. The two-day Offer For Sale (OFS) was launched on July 13-14 by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by around 7% to meet the minimum public shareholding requirement.

Patanjali Ayurved's sale of shares of Patanjali Foods got oversubscribed more than two times at the end of the two-day offer on Friday. The offer received bids for 76,34,567 shares from retail investors as against 25,33,964 shares on offer, translating into three times subscription on Friday.