Patanjali Foods Share Price: Shares of Patanjali Foods hit a 5 per cent lower circuit limit in Thursday’s trade after promoter Patanjali Ayurved kicked off two-day offer for sale (OFS) at a floor price of Rs 1,000, which was at 18 per cent discount to Wednesday’s closing price of Rs 1,225 on BSE.
This OFS will allow its promoter entity Patanjali Ayurved to offload 2.53 crore shares at the fixed floor price.
The OFS will be executed over two days, with the offer being opened up for non-retail investors on July 13, and for the retail investors on July 14.
Only non-retail investors would be allowed to place their bids on July 13. While placing their bids, the non-retail investors may indicate their willingness to carry forward their un-allotted bids to T+1 day for allocation to them in the unsubscribed portion of retail category.
“Those investors other than retail investors who have placed their bids on T day and have chosen to carry forward their un-allocated bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the SEBI OFS circular,” Patanjali Foods said.
Only retail investors would be allowed to place their bids and revise their bids on T+1 day i.e. July 14.
According to the exchange filing, Patanjali Ayurved will offload about 2.53 crore equity shares under the OFS, which actually represents seven per cent stake. In the case of oversubscription, the promoter is planning to sell 72.39 lakh shares -an additional two per cent, leading to a nine per cent stake in total.
Jefferies India and IIFL Securities will act as the brokers for the OFS, the company noted. The floor price of the offer, at Rs 1,000 per share, will mark a discount of 18 per cent as against the current market price.
The OFS, at the base offer, will fetch the yoga guru Ramdev-led entity around Rs 3,258 crore. About 25 per cent of the offer is reserved for mutual funds and insurance companies. If there is any undersubscription in this category, the unsubscribed portion will be available to other bidders in the non-retail category.
Patanjali Foods shares have fallen 2.4 per cent this calendar so far and 12.10 per cent in the last one year. In comparison, the BSE500 index has gained 7.45 per cent in 2023 so far and 21.47 per cent in the last one year.
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