Patanjali Foods FPO: Golden opportunity for Baba Ramdev’s Patanjali Foods FPO investment, will be launched in April
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Patanjali Food FPO: Investors have a golden opportunity to invest in Yoga Guru Baba Ramdev’s Patanjali Foods. Baba Ramdev’s Patanjali Foods is going to launch its follow-up public offering (FPO) in April next month. Patanjali Foods Ltd on Thursday said it will come out with a follow-on public offering (FPO) in April to raise public stake to 25 per cent. The company also said that the ban on trading of shares of Patanjali Foods promoters on the stock exchanges will not affect its operations.
Shares of promoters of Patanjali Foods seized in the stock market
According to a report in the news agency Bhasha, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have seized the shares of the promoters of Patanjali Foods, a company of Baba Ramdev-led Patanjali Group. The company is India’s leading edible oil company. Talking to the media, Baba Ramdev assured the investors and public shareholders that this will not affect the working and financial performance of Patanjali Foods Limited (PFL) and the growth momentum will be maintained. He said that investors need not worry.
Promoters’ shares frozen till April 8
Baba Ramdev said that as per the guidelines of SEBI, there is a ban on trading in the shares of promoters for one year i.e. till April 8, 2023, from the date of pre-listing. In such a situation, this move of the stock markets will not adversely affect the functioning of PFL. He said that Patanjali Group is operating PFL in a better way and is focusing on everything including business expansion, distribution, profit and performance.
Process will start in April
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. The group of Haridwar said that many foreign and domestic investors are ready to invest in PFL.
ban on whose shares
Earlier, Patanjali Foods Ltd said BSE and NSE have blocked trading in shares of its 21 promoter entities, including Patanjali Ayurveda Ltd, Acharya Balakrishna, Patanjali Transport and Patanjali Gramodyog Nyas, for non-compliance with minimum public shareholding norms. given. Acharya Balakrishna is the Managing Director of Patanjali Ayurved and co-founder of Patanjali Yogpeeth Haridwar. Under Rule 19A (5) of the Securities Contracts (Regulation) Rules, 1957, the listed entity needs to hold a minimum public shareholding of 25 per cent. However, after the FPO came into effect in March 2022, the minimum public stake increased to 19.18 per cent. This is 5.82 percent less than 25 percent as per the rules.
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