Patanjali non-retail portion OFS fully subscribed
FMCG behemoth Patanjali Foods was fully subscribed. In Friday's BSE trade, the stock also achieved a 5% upper circuit at ₹1,225, despite the fact that shares in the OFS are sold at a discounted floor price of ₹1,000. The cut-off price has been set at ₹1103.80 based on bids in the non-retail category.
Retail investors, defined as those investing less than ₹2 lakh, can thus apply for a maximum of 181 shares. On Thursday, the non-retail portion was oversubscribed by 200 per cent. According to BSE data, the offer got total bids for nearly 4.56 crore shares.
Only 2.28 crore shares were made available for sale to non-retail buyers on Thursday. On Friday, retail investors will place bids. Patanjali Ayurved received offers for 1,20,27,936 shares (with a 100% margin), while bids for 3,36,04,276 shares were received no margin.
On the BSE, Patanjali Foods shares shot-up 5% to ₹1,224.95. Patanjali Foods announced that its proprietor Patanjali Ayurved will sell up to 2.53 crore shares in its group firm Patanjali Foods Ltd on stock exchanges in order to boost public float and meet listing requirements. The OFS was to be carried out over two days, with non-retail investors receiving the offer on July 13 and retail investors receiving it on July 14.
The promoter firm proposes to sell up to 7% of its shareholding (2.53 crore shares) at a floor price of ₹1,000 per share, according to a market filing on Wednesday. It was also scheduled to sell an additional 2% in case of oversubscription. Patanjali Ayurved, on the other hand, said on July 13 that company will not use the 2% oversubscription option (also known as the greenshoe option).
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