Rajiv Jain’s GQG Partners and a few other investors purchased 2.15 million shares, or 5.96% of the company, on July 14, according to information released by Patanjali Foods on Monday. The equities were purchased using an offer for sale (OFS) during the stock exchange settlement procedure. On the BSE, the share price of Patanjali Food closed 2.43% higher at $1,254.70 per unit.
Equity Partners Fund GQG Partners EM Equity Fund, which has 52,50,000 shares (1.45%), GQG Partners EM Equity Fund, which has 2,56,144 shares (0.71%), and GQG Partners EM Equity Fund Australia, which has 6,55,307 shares (0.18%), are the other funds in the GQG Partners portfolio.
The Alliance Trust (0.07%), BBH GQG Partners EM Equity Master Fund LP (0.35%), and JNL/ GQG EM were among the additional investors.
Last week, Patanjali Foods, owned by Baba Ramdev, published an OFS with a floor price of $1,000 per share, allowing Patanjali Ayurved, the company’s largest shareholder, to sell off 2.53 crore shares (creating a 9% holding in the event of oversubscription). Patanjali Ayurved is the largest shareholder in the FMCG business, with a 39.37% stake. The promoter and promoter groups own 80.8% of Patanjali Foods as a whole.
The OFS was conducted over two days, with the offer being opened up for non-retail investors on July 13 and for the retail investors on July 14, according to a regulatory filing by Patanjali Foods to the stock markets.
“The seller proposes to sell up to 2,53,39,640 equity shares of face value of ₹2 each of the Company (representing seven per cent of the total paid-up equity share capital) on July 13,” the company said in its exchange filing.
