Shares of Patanjali Foods hit a 5% lower circuit limit to touch an intraday low of Rs 1,165.10 on NSE in Thursday's trade after promoter Patanjali Ayurved kicked off its two-day offer for sale (OFS) at a floor price of Rs 1,000, which was at 18% discount to Wednesday's closing price of Rs 1,225 on BSE
To meet minimum public shareholding norms, Patanjali Foods promoters are selling up to 2.53 crore shares or 7% of the total paid-up equity share capital. In the case of oversubscription, the promoters would see another 2%, taking the issue size to up to 3.25 crore shares
Till 10:20 am, Patanjali Foods OFS received bids for 9,141 shares from non-retail investors on BSE at an indicative price of Rs 1,000 Patanjali Ayurved held 14,25,00,000 shares, or 39.37% stake, in Patanjali Foods as on June 30. Overall, the promoter group owned 80.82% stake, in the company, which is higher than the 75% level that promoters can hold, as per minimum public shareholding norms
Only non-retail investors are 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. Retail investors would be allowed to place their bids and revise their bids on T+1 day i.e. July 14
Patanjali Foods Ltd. (formerly known as Ruchi Soya Industries) was incorporated as a Public Limited Company under Companies Act, 1956, dated January 6, 1986. The Company commenced operations pursuant to a Certificate for Commencement of Business dated January 14, 1986, issued by RoC
Ruchi, a pioneer Soya Processor Group commenced operations in the year 1972-73. In the year 1980, the company launched soya chunks through the brand `Nutrela'. In March 1991, the production in Vanaspati plant, edible soya flour and oil commenced. In the year 1999-2,000, the company invested in equity shares of Ruchi Health Foods Ltd which became a wholly owned subsidiary of the company
During the year 2001-2002, the company set up a composite unit comprising of Refinery, Vanaspati and Texturised Vegetable Protein Plants at Mangalore. In 2003-2004, it set up a composite Unit Comprising of edible oil refinery and Vanaspati Plant at Raigad in Maharashtra. It also acquired a Solvent Extraction Plant at Sriganganagar in Rajasthan. A year later, it set up a solvent extraction plant and refinery unit at Nagpur in Maharashtra
In the year 2005-06, General Foods, Ruchi Health Foods, Ruchi Credit Corporation, Aneja Solvex, Param Industries, and Ruchi Pvt Ltd were amalgamated with Ruchi Soya Industries. The SVF business of Anik Industries Limited formerly known as Madhya Pradesh Glychem Industries Ltd was also acquired by the company on slump sale basis
During the FY 2019-20, the Patanjali Resolution Plan as submitted by Patanjali Consortium was approved by the National Company Law Tribunal and successfully implemented. In May 2022, the company acquired the food business of Patanjali Ayurved comprising of over 242 products across 8 different categories, and the name of the company was changed from Ruchi Soya Industries Ltd to Patanjali Foods Ltd with effect from June 24, 2022
Patanjali Foods is primarily engaged in the business of processing of oil-seeds and refining of crude oil for edible use. It is also engaged in trading in various products and generation of power from wind energy. The company produces oil meal, food products from soya, nutraceutical products, biscuits and value-added products from downstream and upstream processing
In the last one month, Patanjali Foods shares have rallied around 11%. So far this year, the stock has underperformed benchmark Nifty50, falling 2.37% YTD
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