Patanjali Foods FPO: Keep money ready, FPO of Ramdev’s company Patanjali Foods is coming again
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investors need not worry
In an interview with news agency PTI, Baba Ramdev reassured his investors and shareholders. He said that investors have nothing to worry about. The move will not have any impact on the operations and financial performance etc. of Patanjali Foods Limited (PFL). Ramdev says that the promoters’ shares are already locked-in till April 8, 2023, as per SEBI guidelines. This date is one year from the date of listing. Presently the stock exchanges have frozen the shares of the promoters, there will be no impact on the functioning of the company or its business.
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Six percent stake will be sold in the second FPO
Ramdev says that the process of second FPO will start as soon as the current financial year ends. On the question of how many shares will be sold in the second FPO, he said, ‘We are selling about six per cent stake. There is no question about it. On the delay in the second FPO, he said the delay was because the market conditions were not favourable.
SEBI rules have to be met
Patanjali Foods has to bring another FPO to meet the regulations of the stock market regulator SEBI. As per SEBI rules, the minimum public holding in any listed company should be 25 per cent. The public shareholding in Patanjali Foods stood at 19.18 per cent at the end of last December. This means that about 6 per cent of the shares will have to be diluted to meet SEBI’s norms.
The old name of the company was Ruchi Soya.
Patanjali Foods was earlier known as Ruchi Soya Industries. Baba Ramdev bought this company from the insolvency process. In fact, in December 2017, NCLT started insolvency proceedings against it. In July 2019, the tribunal approved the resolution plan of Patanjali Ayurveda. After the implementation of the resolution plan, the public shareholding in the company had come down to 1.1 per cent. However, Patanjali Foods came out with a follow on public offer in March 2022. 6.62 crore were sold through this. This increased the public shareholding in the company to 19.18 per cent. But, after this the company has not taken any steps to take it to 25 per cent.
Shares of 21 share entities have been frozen
On Wednesday, Pajanjali Foods said in a statement that shares of 21 promoter entities have been frozen. Patanjali Ayurved has the highest stake of 39.4 per cent in Patanjali Foods. Apart from this, the shares of Acharya Balkrishna, MD of Patanjali Ayurveda of the company are also frozen. It is said that till the time the company does not fulfill the rules of SEBI, these shares will remain frozen.
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