Baba Ramdev-led Patanjali Ayurved Ltd will sell up to 2.53 crore shares in its group firm Patanjali Foods Ltd on stock exchanges in a bid to increase public float to meet listing requirements.
The shares of Patanjali Foods, which is into edible oil and other food products, will be offloaded through the Offer For Sale (OFS) route.
The floor price has been fixed at Rs 1,000 per equity share for the offer, which will be open on July 13 and 14, according to a regulatory filing by Patanjali Foods on Wednesday.
At the floor price, Patanjali Ayurved -- a promoter of Patanjali Foods -- will garner at least Rs 2,530 crore from the share sale.
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Shares of Patanjali Foods closed marginally higher at Rs 1,228.05 apiece at BSE on Wednesday and its market capitalisation stood at Rs 44,454.78 crore.
"Seller (Patanjali Ayurved) proposes to sell up to 25,339,640 equity shares of face value of Rs 2 each of the company (representing 7 per cent of the total paid-up equity share capital of the company)...," Patanjali Foods said.
At present, the public shareholding in Patanjali Foods stands at 19.18 per cent, which needs to be increased to a minimum of 25 per cent as per Sebi norms.
Patanjali Foods said there is also an option for Patanjali Ayurved to additionally sell up to 7,239,897 equity shares, representing 2 per cent of the total paid-up equity share capital of the company.
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In case the option is exercised, the total dilution of stake will be around 9 per cent.
"The offer is being undertaken by the seller, inter alia, for achieving the minimum public shareholding of the company," the filing said.
Patanjali Group had acquired bankrupt Ruchi Soya Industries and later renamed the company as Patanjali Foods.
Earlier, Patanjali Foods had launched a Rs 4,300 crore Follow-on Public Offer (FPO) to increase the public shareholding.
Patanjali Foods' total income increased to Rs 31,821.45 crore in the last fiscal against Rs 24,284.38 crore in 2021-22.
Out of the total revenue, the turnover of the edible oil segment rose to Rs 25,253.33 crore last fiscal from Rs 22,468.64 crore in the previous year.
Food & FMCG segment revenue jumped nearly four-fold to Rs 6,218.08 crore in the 2022-23 fiscal from Rs 1,683.24 crore in the year-ago period.
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