Patanjali Foods on Wednesday said the offer-for-sale (OFS) by one of its promoters, Patanjali Ayurved, at a floor price of ₹1,000 a share, will open on Thursday (for non-retail investors) and Friday (for retail investors). Patanjali Ayurved plans to sell up to 9 per cent of its stake to meet minimum public shareholding norm.
Patanjali Foods said the promoter is looking to offload up to 2.53 crore shares, representing 7 per cent of the total paid-up equity capital of the company. Besides, there would be a provision to additionally sell upto 72,39,897 shares, representing 2 per cent of the total paid-up share capital, in the event over-subscription.
Promoters currently hold 80.8 per cen stake in Patanjali, of which Patanjali Ayurved holds about 39.37 per cent stake.
The floor price is at a steep 18.36 per cent discount to its Wednesday’s closing price of ₹1,225 on BSE.
In March, the BSE and the National Stock Exchange (NSE) froze the promoter’s shares as they failed to meet the minimum public shareholding.