Patanjali Foods on Wednesday announced a two-day offer for sale (OFS) by promoter Patanjali Ayurved Limited at a floor price of Rs 1,000 per share, a steep 18.36 per cent discount to its Wednesday's closing price of Rs 1,225 on BSE.
In a filing to the stock exchange, Patanjali Foods said the promoter is 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. There would be a provision to additionally sell up to 7,239,897 shares, representing 2 per cent of the total paid-up equity share capital in the event oversubscription. In such a case ,the total OFS would be of up to 32,579,537 shares (9 per cent).
Patanjali Ayurved held 14,25,00,000 shares, or 39.37 per cent stake, in Patanjali Foods as on June 30. Overall, the promoter group owned 29,25,76,299 shares, or 80.82 per cent stake, in the company, which is higher than the 75 per cent level that promoters can hold, as per minimum public shareholding norms.
The offer, thus, is being undertaken by the seller for achieving the minimum public shareholding, Patanjali Foods said.
The OFS will take place during trading hours on a separate window of the stock exchanges commencing at 9:15 am and will close on the same date at 3.30 pm (Indian Standard Time).
Only non-retail investors would be allowed to place their bids on July 13. While placing their bids, the non-retail investors may indicate their willingness to carry forward their un-allotted bids to T+1 day for allocation to them in the unsubscribed portion of retail category.
"Those investors other than retail investors who have placed their bids on T day and have chosen to carry forward their un-allocated bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the SEBI OFS circular," Patanjali Foods said.
Only retail investors would be allowed to place their bids and revise their bids on T+1 day i.e. July 14.