Patanjali Foods' OFS oversubscribed 1.8x; firm rules out greenshoe option

Patanjali Foods’ offer for sale (OFS) saw more bids than shares on offer on Thursday with institutional investors placing bids for 45.63 million shares as against a total of 32.6-million shares put on the block. 

The base issue size was of 25.34 million shares, and the firm had said it will retain another 7.24 additional bids in case of oversubscription. However, the firm announced it will not exercise the greenshoe option. 

“We wish to intimate the exchanges of our intention not to exercise the oversubscription option.” Patanjali Foods said.