Patanjali Foods declines after company denies report of another FPO

Reports in a section of media said the company was preparing to launch a share sale in April

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Patanjali Foods‘ share price declined 3 percent in the morning session on March 20 after yoga guru Ramdev-backed company denied reports that it was preparing to launch another follow-on public offer (FPO) to trim promoter holdings.

“It is clarified that Patanjali Foods Limited is not considering undertaking another further public offering for achieving minimum public shareholding,” the company said in a release.

Reports in a section of media said the company was preparing to launch a share sale in April.

“Investors and shareholders are accordingly advised to not rely on any news article suggesting that the company is in the process of undertaking an FPO for achieving minimum public shareholding,” it said.

A total of 292.58 million equity shares have been put on freeze by the stock exchanges, the filing said. Patanjali Ayurved is among the 21 promoter and promoter group entities against whom the action has been taken.

At 11.30 am, Patanjali Foods was quoting at Rs 877.90, down Rs 18.60, or 2.07 percent, on BSE. The scrip was trading with volumes of 47,354 shares, compared to its five-day average of 26,285 shares, an increase of 80.16 percent.

CEO Sanjeev Asthana recently told CNBC-TV18 that Patanjali Foods was confident of reaching the minimum public shareholding norm in a couple of months. The dilution would be through a combination of promoter offer for sale and qualified institutional placement.