Patanjali surges 3% after GQG acquires 6% stake via OFS

Patanjali Foods Limited shares closed 3 percent higher at Rs 1,253 on July 17, with 34 lakh shares changing hands on NSE. The gain in stock price comes after Rajiv Jain-led GQG Partners disclosed a 6 percent stake in the company. The stocks were bought through the stock exchange settlement process by way of an offer for sale (OFS).

Patanjali Foods recently completed an OFS of a 7 percent stake, resulting in a decrease in the promoter group’s ownership in the company to 73.82 percent from 80.82 percent. This transaction ensured compliance with the minimum shareholding requirements.

The retail portion of the offer for sale (OFS) conducted by the Baba Ramdev-led company, was completely subscribed on July 14. Despite the shares in the OFS being offered at a discounted floor price of Rs 1,000, the stock saw a 5 percent increase and hit the upper circuit at Rs 1,225 apiece during Friday’s trading session on the NSE.

GQG recently bought around a 3 percent stake in Adani Transmission through open market transactions worth Rs 2,666 crore. The company has been constantly boosting stake in Adani group shares. Earlier in March, GQG had made a Rs 15,446 crore investment to pick stakes in four Adani Group firms – Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises.

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