Patanjali Foods freezes at 5% lower limit as promoters pare stake via OFS

The floor price for the 'Offer for Sale' was fixed at Rs 1,000 per equity share; and the offer will be on July 13 and 14.

Shares of Patanjali Foods were locked at the 5 per cent lower circuit at Rs 1,166.65 on the BSE on Thursday at 10:07 AM; after the promoters announced sale of up to 9 per cent of their holding in the edible oil company through the Offer For Sale (OFS) route. In past two months, the stock had rallied 31 per cent.

The floor price has been fixed at Rs 1,000 per equity share for the offer, which will be open on July 13 and 14, according to a regulatory filing by Patanjali Foods on Wednesday.

Baba Ramdev-led Patanjali Ayurved, promoter of Patanjali Foods will sell up to 25.3 million shares with an option to additionally sell up to 7.23 million shares in Patanjali Foods on stock exchanges in a bid to increase public float to meet listing requirements.

Till 10:15 AM; a combined 175,000 equity shares had changed hands on the NSE and BSE. There were pending sell orders for 790,000 shares on the NSE and BSE. Currently, Patanjali Foods trades under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.

As of June 30, 2023, the promoters held 80.82 per cent stake in Patanjali Foods. Of the public shareholding of 19.18 per cent, retail individual shareholders held 8.92 per cent, while bodies corporate 3.87 per cent stake in the company, the shareholding pattern data shows.