NEW DELHI: After investing billions of dollars in Adani Group companies, Rajiv Jain-led GQG Partners is investing big time in Baba Ramdev-led Patanjali Foods. GQG on Monday disclosed buying close to a 6% stake or 2.15 crore shares in the FMCG company through the stock exchange settlement process by way of an offer for sale (OFS).
Patanjali Foods, which formerly was known as Ruchi Soya, recently completed an OFS of 7% stake to comply with the minimum shareholding requirements of 75%. With the OFS now completed, the promoter group’s ownership in the company has now come down to 73.82% from 80.82%.
Patanjali had fixed a floor price of Rs 1,000 per share for the OFS by promoter Patanjali Ayurved, at an 18.36% discount to its then prevailing price of Rs 1,225 on the BSE. However, the clearing price for the retail portion was Rs 1,165 and for non-retail portion was Rs 1,103.80. As per estimates, GQG is likely to have spent about Rs 2,400 crore to purchase the 5.96% stake or 2.15 crore shares.
Patanjali Foods share rallied 3% on Monday. The share closed 2.42% higher at 1,253 apiece. GQG, the Florida-based investment firm which has exposure in many blue-chip Indian companies, is in the news for the past few months in India following its big bet on Adani Group.
After the short-seller Hindenburg Research’s report wiped out Adani Group’s market capitalisation by over $100 billion, GQG was the first major investor to come forward. In March, it had invested `15,446 crore to pick stakes in four Adani Group firms and since then has been increasing stakes in the port-to-power conglomerate.