New Delhi: GQG Partners, supported by billionaire Rajiv Jain, increased its ownership in Patanjali Foods by purchasing 1.24 pc of the company from promoter group entity Patanjali Ayurved Ltd for approximately Rs 835 crore in an open market deal on Friday. Based on the bulk deal information from the NSE, GQG Partners, an asset management company from the US, acquired 45.03 lakh shares, representing a 1.24 pc ownership in Patanjali Foods, a major player in the edible oil industry.
The stocks were purchased for an average cost of Rs 1,854 each, bringing the total deal amount to Rs 834.99 crore. Following the most recent transaction, GQG Partners now holds 4.43 percent of Patanjali Foods, up from 3.19 percent. At the same time, Patanjali Ayurved Ltd sold 97.92 lakh shares, representing a 2.71 percent stake in the company, for Rs 1,815 crore, as indicated by data on the National Stock Exchange (NSE).
The stocks were sold for an average price of Rs 1,854.08 each, resulting in a total deal worth of Rs 1,815.67 crore. Following the sale of shares, the ownership of Patanjali Foods by the promoter and promoter group entities has decreased to 70.1 pc from 72.81pc. Aside from GQG Partners, information about the purchasers of Patanjali Foods' shares remains unknown.
Patanjali Foods' stock dropped by 3.75 percent, ending at Rs 1,858.90 per share on the NSE. Last month, GQG Partners, a major investor in Adani Group, raised its ownership in GMR Airports Infrastructure to 5.17 percent by purchasing more shares worth more than Rs 433 crore. Established in 1986, Patanjali Foods Ltd, formerly known as Ruchi Soya Industries, is a prominent player in the FMCG sector in India. The company operates in edible oils, Food & FMCG, and wind power generation sectors. Its products are marketed under brands such as Patanjali, Ruchi Gold, Mahakosh, Nutrela, among others.
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