Patanjali Foods sees 3% stock price surge as GQG Partners reveals 6% stake acquisition
Patanjali Foods Limited experienced a 3% surge in its share price, closing at Rs 1,253 on July 17, with 34 lakh shares traded on the NSE. The price increase followed the disclosure of a 6% stake in the company by GQG Partners, led by Rajiv Jain. GQG acquired the shares through an offer for sale (OFS) using the stock exchange settlement process.
Patanjali Foods had recently completed an OFS of a 7% stake, leading to a reduction in the promoter group’s ownership from 80.82% to 73.82%. This move was made to meet the minimum shareholding requirements.
The retail portion of the OFS was fully subscribed on July 14, despite the shares being offered at a discounted floor price of Rs 1,000. The stock price further rose by 5%, reaching the upper circuit at Rs 1,225 per share during the NSE’s trading session.
Apart from its involvement with Patanjali Foods, GQG Partners has shown a keen interest in Adani Group companies. The company recently acquired a 3% stake in Adani Transmission through open market transactions worth Rs 2,666 crore. GQG had previously invested Rs 15,446 crore to hold stakes in four Adani Group firms.