Last updated time: 16 March 2023, 13:26 IST
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Shares of Patanjali Foods fell to Rs 912.9 on March 16 after bourses suspended promoters’ shares.
Shares of Patanjali Foods tumbled to Rs 912.9 on March 16 after bourses suspended shares of promoters and promoter organizations for not meeting minimum public participation norms. The fast-growing consumer goods company on Thursday issued a statement on SEBI’s action against the promoter and promoter group, saying the stock exchanges’ action against it will have no impact on the company’s financial position.
In a filing to the stock exchanges, the company said it has a strong management team and is on track to record solid business and financial performance.
“We have received a message from the promoters that they are fully committed to maintaining the minimum public shareholding requirement and they are discussing various modes that are best suited to increase the public stake. They are confident of achieving the mandatory MPS in the next few months,” the stock exchange filing said.
“Our promoters’ equity shares are approved for the period 2018 to 2023 (one year from the date of listing i.e. April 08, 2023) as per the Securities and Exchange Board of India (Issuance and Disclosure Requirements) Regulations. , we do not observe the effect of this behavior of stock exchanges. In addition, it should be noted that the shares of our promoters are not pledged,” he added.
A company statement said 292.58 million equity shares were blocked. Patanjali Ayurved is one of the 21 promoters and promoter groups against whom action has been taken.
According to Securities and Exchange Board of India (SEBI) regulations, at least 25 percent of a listed entity must be owned by public shareholders. The stake in Patanjali Foods stood at 19.18 percent at the end of December.
In an interview to CNBC-TV18, Patanjali Foods CEO Sanjeev Asthana said that the company is confident of reaching the minimum shareholding ratio within a few months. The dilution will be through a combination of a promoter offer for sale and a qualified institutional placement, he said.
At 1.11 pm, Patanjali Foods was trading 2.45 percent lower at Rs 940.75 on the BSE. The scrip has returned more than 800 percent in the past three years, but is down about 23 percent this year.
The stock was recently added to the FTSE All World Index, making investors hopeful of FII inflows.
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