Patanjali Foods OFS for non-retail investors oversubscribed on Day 1

Patanjali Ayurved’s offer to sell shares of Patanjali Foods received good response on Thursday, with the portion set aside for non-retail investors getting subscribed more than two times.

The two-day offer for sale (OFS) has been launched by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by around 7% to meet the minimum public shareholding requirement.

The offer received cumulative bids for over 45.6 million shares, translating into two times subscription, according to BSE data.

On Thursday, only 22.8 million shares were offered for sale to non-retail investors. Retail investors will bid on Friday.

Patanjali Ayurved received bids for 1,20,27,936 shares (with 100% margin) while bids for 3,36,04,276 shares were received at nil margin.

Shares of Patanjali Foods fell 5% to close at Rs 1,166.65 on the BSE.

On Wednesday, Patanjali Foods informed that promoter Patanjali Ayurved will sell up to 25.3 million shares in its group firm Patanjali Foods in a bid to increase the public float to meet listing requirements.

Shares of Patanjali Foods, which is into edible oil and other food products, are being offloaded through the OFS route at a floor price of Rs 1,000 apiece.