Patanjali Foods on Monday said Rajiv Jain-led GQG Partners and a few other investors bought 2,15,64,571 shares or 5.96 per cent stake in the company on July 14. The stocks were bought through the stock exchange settlement process by the way of offer for sale (OFS).
GQG bought the stake via GQG Partners EM Equity Fund A Series of GQG Partners Series (46,38,604 shares or 1.28 per cent), GQG Partners EM Equity Fund (52,50,000 shares or 1.45 per cent), GQG Partners EM Equity Fund (2,56,144 shares or 0.71 per cent) and GQG Partners EM Equity Fund Australia (6,55,307 shares or 0.18 per cent).
Other investors included BBH GQG Partners EM Equity Master Fund LP (0.35 per cent), JNL/ GQG EM Equity Fund (0.24 per ecnt), Washington State Investment Board (managed by GQG Partners 0.27 per cent) and Alliance Trust (0.07 per cent), among others.
Patanjali Foods last week concluded a 7 per cent stake sale, with the promoter group stake falling to 73.82 per cent in the company from 80.82 per cent earlier, meeting the minimum shareholding norms.
Following the development, shares of Patanjali Foods rose 2.81 per cent to hit a high of Rs 1,259.40 on BSE.
Patanjali Foods had fixed a floor price of Rs 1,000 per share for the OFS by promoter Patanjali Ayurved, which was at a steep 18.36 per cent discount to its then prevailing price of Rs 1,225 on BSE. The clearing price for retail portion was Rs 1,165 and for non-retail portion was Rs 1,103.80. The non-retail portion was subscribed 2 times on Day 1 while the retail portion was subscribed over 3 times. on Day 2 of the OFS.
Patanjali Foods was looking to offload up to 25,339,640 equity shares of face value of Rs 2 each, representing 7 per cent of the total paid-up equity share capital of the company. The company had suggested that it could sell up to 7,239,897 additional shares, representing 2 per cent of the total paid-up equity share capital in the event oversubscription. But it did not exercise it. If it were, the total OFS would have been of up to 32,579,537 shares (9 per cent).
GQG recently bought around 3 per cent stake in Adani Transmission through open market transactions worth Rs 2,666 crore. The fresh purchase came two days after investment firm GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks. GQG, controlled by Rajiv Jain, and other investors bought a total of $1 billion of additional stakes in the conglomerate's stocks -- Adani Enterprises, Adani Green Energy -- through block deals.
Earlier in March, GQG had made a Rs 15,446 crore investment to pick stakes in four Adani Group firms - Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises. This was when the company's shares had taken a massive beating following a report by a US-based short seller that accused the group of illegal stock price manipulation.
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