Patanjali Foods, formerly known as Ruchi Soya Industries, has launched an offer for sale (OFS) that will allow its promoter entity Patanjali Ayurved to offload 2.53 crore shares at a floor price of Rs 1,000 apiece, as per a regulatory filing made on July 12.
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 exchange filing noted.
The seller may also offload an additional 72.39 lakh shares, representing two percent of the overall stake, Patanjali Ayurved informed the bourses.
If the oversubscription option is exercised, the company will end up collectively offloading 32.57 crore shares, which represent 9 percent of the paid-up share capital.
Jefferies India and IIFL Securities will act as the brokers for the OFS, the company noted.
The floor price of the offer, at Rs 1,000 per share, will mark a discount of 18 percent as against the current market price. The scrip settled at Rs 1,225 on the BSE in the trading session on July 12.
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.
At present, the promoter and promoter groups collectively hold 80.8 percent in Patanjali Foods. Among them, Patanjali Ayurved is the largest shareholder with a stake of 39.37 percent.
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