A successful offer for sale, soon after an FPO, helps his Patanjali group recoup nearly twice what it paid for acquiring Ruchi Soya.
Baba Ramdev has done it again.
Let me first catch you up. On 12 July, his Patanjali Foods sent a notice to stock exchanges that its largest shareholder, Patanjali Ayurved, would sell 7% of its stake in the FMCG company through the offer-for-sale process. It was doing so as its shareholding was in violation of listing rules that require a listed company to have 25% public shareholding. In its case, Patanjali Ayurved held over 80%.
As per the notice, Patanjali Ayurved would sell a 7% stake (25.3 million shares) in Patanjali Foods to non-retail and retail investors. The offer included …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai