Patanjali Foods Ltd on Saturday said that the shareholding of its promoters has come down to 73.82 per cent after the sale of their shares on July 13-14 to meet Sebi norms on public float.
To meet the Sebi's minimum public shareholding norm of 25 per cent, Patanjali Ayurved, one of the promoters, has sold 2,53,39,640 equity shares of Patanjali Foods through Offer For Sale (OFS) route.
The shares sold represented 7 per cent of the total issued and paid-up equity share capital of the company.
In a regulatory filing, Patanjali Foods said that "the shareholding of the Promoter and members of Promoter Group in the company has reduced from 80.82 per cent of the paid-up equity share capital of the company to 73.82 per cent...".
Baba Ramdev-led Patanjali Ayurved's sale of shares of Patanjali Foods got oversubscribed more than two times at the end of the two-day offer on Friday.
The two-day Offer For Sale (OFS) was launched by promoter entity Patanjali Ayurved to pare its total stake in Patanjali Foods by around 7 per cent to meet the minimum public shareholding requirement.
The offer received bids for 76,34,567 shares from retail investors as against 25,33,964 shares on offer, translating into three times subscription on Friday.