Patanjali Foods down 5%, only sellers in stock as OFS floor price set at 19% discount

This OFS will allow its promoter entity Patanjali Ayurved to offload 2.53 crore shares at the fixed floor price.

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Shares of Patanjali Foods hit a 5 percent lower circuit limit at Rs 1,166.65 on July 13 as the company has launched an offer for sale (OFS) at a floor price of Rs 1,000 apiece, which is at a discount of around 19 percent to the previous close of Rs 1,228.05. This OFS will allow its promoter entity Patanjali Ayurved to offload 2.53 crore shares at the fixed floor price.

The OFS will be executed over two days, with the offer being opened up for non-retail investors on July 13, and for the retail investors on July 14.

The base size of the offer will be ‘25,339,640 equity shares’, which represents 7 percent of the total paid-up equity share capital. The seller may also offload an additional 72.39 lakh shares, representing two percent of the overall stake.

The OFS, at the base offer, will fetch the yoga guru Ramdev-led entity around Rs 3,258 crore. The stake sale is being undertaken to comply with the minimum public shareholding norm of 25 percent.

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As of June end of 2023, the Promoter and Promoter Group held 80.8 percent stake in Patanjali Foods, and Patanjali Ayurved owned 39.37 percent stake.

In March, the stock exchanges had frozen 292.58 million shares of promoter group entities of Patanjali Foods for not meeting the minimum public shareholding norm within the stipulated deadline.

Patanjali Foods, previously called Ruchi Soya Industries, faced insolvency proceedings initiated by the National Company Law Tribunal in December 2017. Later, in July 2019, the tribunal approved Patanjali Ayurved’s recovery plan for Ruchi Soya. As a result, the company’s public shareholding was reduced to 1.10 percent after implementing the resolution plan.

The company had said in its recent earnings call that it continues to be the leaders in the oil business with strong brands like Ruchi Gold, Mahakosh and Sunrich. Its focus remains on expanding the segment and improving margins, particularly through a model that aligns with the Atmanirbhar Bharat campaign of National Mission on Edible Oil Oil Palm.

Patanjali Foods is taking steps to grow its food business too. The company plans to capitalize on the strong brand recall by capturing a more sizable portion. Inherently, its margin in the food business is better than the oil segment.

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