Baba Ramdev’s U-turn, now Patanjali Foods will not bring FPO, don’t know why?
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New Delhi : There is bad news for investors planning to invest money in Patanjali Foods, a company of Yoga Guru Baba Ramdev’s Patanjali Group. The news is that the follow-on public offering (FPO) of Patanjali Foods, which was announced by Baba Ramdev on Thursday, has been postponed. Patanjali Foods Limited on Friday clarified that it will not come out with a follow-on public offering (FPO) to increase public shareholding, reported news agency Bhasha.
The company has said that instead it will consider options like offer for sale (OFS) and qualified institutional placement. Explain that the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have seized the shares of the owners of Patanjali Foods of Baba Ramdev-led Patanjali Group.
Only yesterday Baba Ramdev had announced
In the information given to the stock markets by Patanjali Foods Limited, it has been said that the company is not considering another public issue to achieve minimum public shareholding. Baba Ramdev, during a media interaction on Thursday, assured his investors and public shareholders that Patanjali Foods’ operational and financial performance will not be affected and its growth momentum will be maintained. He had said that there is nothing for investors to worry about.
Patanjali Group is alert on the performance of firms: Ramdev
Citing SEBI guidelines, Baba Ramdev said that there is a ban on trading in promoters’ shares till April 8, 2023, one year from the date of pre-listing. In such a situation, this move of the stock markets will not adversely affect the working of Patanjali Foods Limited. He said that Patanjali Group is operating Patanjali Foods in a better way and is focusing on everything including business expansion, distribution, profit and performance.
Ramdev will bring 6 percent FPO
Regarding the FPO, Ramdev said that we are bringing an issue equal to about 6 per cent stake. There is no question about it. The delay is due to unfavorable market conditions. When asked about the timeline, he said that we will start the process for FPO in April.
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