Patanjali Foods shares in focus as OFS kicks off today. Offer size, floor price & more

Shares of Patanjali Foods will be in focus as a two-day offer for sale (OFS) by promoter Patanjali Ayurved Limited kicks off on Thursday. The promoter entity is looking to sell up to 7 per cent stake (2.53 crore shares) at a floor price of Rs 1,000 per share, which was a steep 18.36 per cent discount to Wednesday's closing price of Rs 1,225 on BSE. In the case of oversubscription, the promoters would sell another 2 per cent, taking the issue size to up to 3.25 crore shares.

Patanjali Foods shares have risen 3.5 per cent this calendar so far and 18 per cent in the last one year. In comparison, the BSE500 index has gained 7 per cent in 2023 so far and 20.75 per cent in the last one year.

The OFS will be undertaken by the seller, inter alia, for achieving the minimum public shareholding. 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 in a company as per minimum public shareholding norms.

As per the BSE release, 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.

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