Patanjali: Patanjali slides 5%; company says no impact of share freeze on financial position
The company on Thursday clarified that the stock exchange’s action would not have any impact on its financial position. “We have a strong management team in place to steer towards our long-term journey,” the company said in an exchange filing. It said the promoters are confident of achieving mandatory minimum public holding norms within the next few months.
“We have received a communication from our promoters that they are fully committed to the mandatory compliance of achieving minimum public shareholding, and they have been discussing various modes best suited for increasing the public shareholding. They are confident of achieving mandatory MPS within the next few months,” said the exchange disclosure.
According to the company, promoters’ equity is already under lock-in as per the Sebi Regulations till April 2023, one year from the listing of shares that were sold in the Follow-on Public Offer (FPO) last year. In March 2022, Patanjali Foods launched a follow-on public offer and issued 66.2 million shares. After the share sale, the public shareholding increased to 19.18%.
On Wednesday, the company said stock exchanges have frozen 292.58 million shares of Patanjali Foods, representing 80.82% of the equity held by promoters and group entities.
