GQG Partners buys 5.96% stake in Patanjali Foods

NEW DELHI: US-based investment firm GQG Partners has bought a 5.96% stake in Patanjali Foods - edible oil firm, promoted by Baba Ramdev. GQG Partners has bought 2,15,64,517 equity shares of Patanjali Foods via Offer For Sale (OFS) route, according to a regulatory filing. This translates into a 5.96% stake in Patanjali Foods.

The share price of Patanjali Foods closed at Rs 1,332.75 apiece on Wednesday, up 4.64% from Tuesday.

The market cap of Patanjali Foods stood at Rs.48,245 crore. At current valuation, GQG Partners' stakeholding in Patanjali Foods is approximately Rs 2900 crore.

Last week, Patanjali Foods announced that its promoter Patanjali Ayurved will sell up to Rs 2.53 crore shares of the company through OFS in a bid to increase public float. The floor price remained at INR 1000.

The two-day Offer For Sale (OFS) was launched on 13-14 July by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by approximately 7% to meet minimum public shareholding requirements.

Patanjali Ayurved's sale of shares of Patanjali Foods got oversubscribed more than two times by the end of Friday's two-day offer. The offer received bids for 76,34,567 shares from retail investors for the 25,33,964 shares on offer, translating into three times subscription on Friday.

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