Patanjali Foods said that the shareholding of its promoters has come down to 73.82% 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%, 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% 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% of the paid-up equity share capital of the company to 73.82%...".
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% 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.