GQG Partners, others buy 5.96% stake in Patanjali Foods via OFS; check details
Patanjali Foods on Monday said Rajiv Jain-led GQG Partners and a few other investors bought 2.15 crore shares or 5.96% stake in the company on July 14. The stocks were bought through the stock exchange settlement process by the way of offer for sale (OFS).
Patanjali Food share price closed 2.43% higher at ₹1,254.70 apiece on BSE. GQG acquired the stake through GQG Partners EM Equity Fund A Series of GQG Partners Series, which has 46,38,604 shares (1.28%), GQG Partners EM Equity Fund, which has 52,50,000 shares (1.45%), GQG Partners EM Equity Fund, which has 2,56,144 shares (0.71%), and GQG Partners EM Equity Fund Australia, which has 6,55,307 shares (0.18%).
Other investors included, among others, the Alliance Trust (0.07%), BBH GQG Partners EM Equity Master Fund LP (0.35%), JNL/ GQG EM Equity Fund (0.24%), Washington State Investment Board (managed by GQG Partners 0.27%), and others. Last week, Baba Ramdev's Patanjali Foods issued an OFS at a floor price of ₹1,000 per share, allowing its largest shareholder Patanjali Ayurved to sell off 2.53 crore shares of the firm (resulting in a 9% holding in the event of oversubscription).
With a 39.37% stake, Patanjali Ayurved is the FMCG giant's largest stakeholder. In Patanjali Foods, the promoter and promoter groups collectively own 80.8%.
According to a regulatory filing by Patanjali Foods to the stock exchanges, the OFS was carried out over two days, with the offer being opened up for non-retail investors on July 13 and for the retail investors on July 14. "The seller proposes to sell up to 2,53,39,640 equity shares of face value of ₹2 each of the Company (representing seven per cent of the total paid-up equity share capital) on July 13," the company said in its exchange
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