GQG Partners acquires 5.96% stake in Patanjali Foods
Last Updated: 19th July 2023 - 07:16 pm
Patanjali Foods recently announced that investment management firm GQG Partners, led by Rajiv Jain, has acquired a 5.96% stake in the company through an offer-for-sale (OFS) process. Known for their investments in Adani Group companies, GQG Partners purchased approximately 21.5 million shares of Patanjali Foods during the share sale.
The floor price for the shares was set at ₹1,000 per share, although non-retail investors were allotted shares at a slightly higher price of ₹103.80 per share.
Rajiv Jain has been actively increasing his investments in Indian firms over the past few months. GQG Partners' total investment in the Adani Group, for instance, has reached ₹26,445 crores following the Hindenburg controversy, according to data from the Bombay Stock Exchange (BSE).
On 12 July, Patanjali Foods announced that Patanjali Ayurved, its primary promoter, intended to sell approximately 7% of its stake for ₹2,533.9 crore through an OFS. This move was aimed at meeting the minimum public shareholding requirements.
The sale of shares during the OFS received strong subscription, as indicated by data from the BSE. At the end of the two-day offer period on Friday, the subscription rate exceeded two times for the non-retail portion and over three times for the retail category.
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Tanushree Jaiswal
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