Promoters to sell up to 9% in Patanjali Foods via OFS
promoters of Patanjali Foods, will sell up to 9% or 3.26 crore shares of the company in an offer for sale on July 13 and July 14, according to an exchange filing on Wednesday. The OFS will open for subscriptions for non-retail investors on July 13 and for retail investors on July 14.
The floor price for the offer has been fixed at ₹1,000, which is 18% discount to Wednesday's closing price of ₹1,228. At the floor price, the OFS could fetch ₹3,260 crore for the promoters.
The base size of the offer will be 2.53 crore shares which represent 7% of the total paid-up equity capital. An additional 72.39 lakh shares, representing 2% of the overall stake, will be offloaded in case of oversubscription.
The promoters held an 80.82% stake in the company, which needs to be reduced to 75%. Sebi norms mandate a listed entity to have a minimum public shareholding (MPS) of 25%.
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