Baba Ramdev in his interview with PTI confirmed that Patanjali Foods is planning its Follow on Public Offering (FPO) in April. He also assured investors and shareholders that there will be no impact on Patanjali Foods Ltd’s (PFL) operations and performance as NSE and BSE froze the promotors share of PFL. The major edible oil company announced the issue of FPO to meet the 25% public shareholding requirement.
The promoter’s share of PFL is currently under lock-in by Sebi till April 8, 2023, in line with the one year of listing according to Baba Ramdev and poses no impact on the company. The promoters shares of Patanjali Foods have been frozen due to the failure to meet the minimum public shareholding (MPS) norms of the stock exchanges. Patanjali foods failed to meet the min 25% criteria as it could raise MPS to 19.18% after its FPO in March last year. In a move to meet the MPS norms, Baba Ramdev stated, “We will be diluting around 6 per cent stake. There are no questions about that."
Patanjali Foods is trading at Rs 898.25 as on Friday’s closing bell.
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