Ramdev assured the investors and public shareholders that Patanjali Foods Ltd. (PFL)’s operations and financial performance will not be affected and the growth momentum will continue. He said that investors need not worry.
Baba Ramdev Announces Patanjali Foods Fpo
Patanjali Foods Limited Giving information on Thursday, said that it will follow on public issue in April to increase the public stake to 25 percent. (FPO) Will bring The company also said that the ban on trading of shares of Patanjali Foods’ promoters on the stock exchanges will not affect its operations. The National Stock Exchange (NSE) and BSE have seized the shares of the promoters of Patanjali Foods, a company of Baba Ramdev-led Patanjali Group. The company is the leading edible oil company of the country.
Ramdev gave assurance to the investors
In a conversation with PTI, Ramdev assured investors and public shareholders that Patanjali Foods Ltd. (PFL)’s operations and financial performance will not be affected and the growth momentum will continue. He said that investors need not worry. Ramdev said that according to SEBI guidelines, there is a ban on transactions on promoters’ shares till April 8, 2023, one year from the date of pre-listing. In such a situation, this move of the stock markets will not adversely affect the functioning of PFL.
Read also: Not only China, these four reasons also make gold expensive in April, know how much the price increases
Will bring an issue equal to 6 percent
He said that Patanjali Group is operating PFL in a better way and is focusing on everything including business expansion, distribution, profit and performance. Regarding the FPO, Ramdev said that we are bringing an issue equal to about six per cent stake. There is no question about it. The delay is due to unfavorable market conditions. When asked about the timeline, he said that we will start the process for FPO in April. The group said that many foreign and domestic investors are ready to invest in PFL.
Read also: Credit Suisse shares jump 40% after central bank funding
What is the rule after all?
Earlier, Patanjali Foods Ltd said that BSE and NSE have delisted shares of 21 of its promoter units, including Patanjali Ayurveda Ltd, Acharya Balakrishna, Patanjali Parivahan and Patanjali Gramodyog Nyas, for non-compliance with minimum public shareholding norms. has been banned. Acharya Balakrishna is the Managing Director of Patanjali Ayurved and co-founder of Patanjali Yogpeeth Haridwar. Under Rule 19A (5) of the Securities Contracts (Regulation) Rules, 1957, the listed unit is required to hold a minimum public shareholding of 25 per cent. However, after the FPO came in March 2022, the minimum public shareholding increased to 19.18 percent. This is 5.82 percent less than 25 percent as per the rules.
