New Delhi, Jul 13 (PTI) Baba Ramdev-led Patanjali Ayurved's offer to sell shares of Patanjali Foods received good response on Thursday, with the portion set aside for non-retail investors getting subscribed more than two times.
The two-day Offer For Sale (OFS) has been launched by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by around 7 per cent to meet the minimum public shareholding requirement.
The offer received cumulative bids for over 4.56 crore shares, translating into 2 times subscriptions, according to BSE data.
On Thursday only 2.28 crore shares were offered for sale to non-retail investors. Retail investors will bid on Friday.
Patanjali Ayurved received bids for 1,20,27,936 shares (with 100 per cent margin), while bids for 3,36,04,276 shares were received at nil margin.
Shares of Patanjali Foods fell 5 per cent to Rs 1,166.65 on the BSE.
On Wednesday, Patanjali Foods had informed that its promoter Patanjali Ayurved will sell up to 2.53 crore shares in its group firm Patanjali Foods Ltd on stock exchanges in a bid to increase public float to meet listing requirements.
The shares of Patanjali Foods, which is into edible oil and other food products, are being offloaded through the Offer For Sale (OFS) route at a floor price of Rs 1,000 apiece.
The base offer size is 2,53,39,640 shares.
In a regulatory filing on Wednesday, Patanjali Foods informed that "seller (Patanjali Ayurved) proposes to sell up to 25,339,640 equity shares of face value of Rs 2 each of the company (representing 7 per cent of the total paid-up equity share capital of the company)..." At present, the public shareholding in Patanjali Foods stands at 19.18 per cent, which needs to be increased to a minimum of 25 per cent as per Sebi norms.
On Wednesday, Patanjali Foods said there was also an option for Patanjali Ayurved to additionally sell up to 7,239,897 equity shares, representing 2 per cent of the total paid-up equity share capital of the company. However, the promoter on Thursday decided not to exercise the green-shoe option.
Patanjali Group had acquired bankrupt Ruchi Soya Industries and later renamed the company as Patanjali Foods.
Earlier, Patanjali Foods had launched a Rs 4,300 crore Follow-on Public Offer (FPO) to increase the public shareholding. Patanjali Foods' total income increased to Rs 31,821.45 crore in the last fiscal against Rs 24,284.38 crore in 2021-22.
Out of the total revenue, the turnover of the edible oil segment rose to Rs 25,253.33 crore last fiscal from Rs 22,468.64 crore in the previous year.
Food & FMCG segment revenue jumped nearly four-fold to Rs 6,218.08 crore in the 2022-23 fiscal from Rs 1,683.24 crore in the year-ago period. PTI MJH SUM RAM SUM MR
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