BSE, NSE freeze shares of Patanjali Foods promoters
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New Delhi: Stock exchanges NSE and BSE have put a hold on promoters’ shares of Patanjali Foods Limited (PFL), a company of Baba Ramdev-led Patanjali Group. However, the company said that the decision will not have any impact on its operations. Patanjali Foods Ltd (formerly Ruchi Soya Industries) on Thursday said the freezing of its promoters’ shareholding in the company will not affect its financial position and operations.
PFL on Thursday said BSE and NSE have barred trading in shares of 21 of its promoter entities, including Patanjali Ayurveda Ltd, Acharya Balakrishna, Patanjali Parivahan and Patanjali Gramodyog Nyas, for non-compliance with minimum public shareholding norms. . Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957 mandates a listed entity to have a minimum public shareholding (MPS) of 25 per cent.
Patanjali Foods informed that its promoters are fully committed to achieving the minimum public shareholding and discussions are on in this regard. It said that the promoters of the company are confident that they will get the mandatory MPS in the next few months. At present, 19.18 percent of the company’s shares are held by public shareholders and to achieve the MPA, it will have to increase the public shareholding by 5.82 percent. A total of 29,25,76,299 equity shares will be affected by this order of freezing of shares.
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