Rajiv Jain’s firm GQG Partners has increased its stake in Patanjali Foods.
Gautam Adani’s American friend Rajeev Jain’s investment firm GQG Partners has set its sights on Patanjali Foods. On Friday, GQG Partners increased its stake in Patanjali Foods by buying 1.24 per cent more shares of the promoter group’s unit Patanjali Ayurveda Limited for about Rs 835 crore.
According to bulk transaction data available on NSE, US-based asset management firm GQG Partners has bought 45.03 lakh shares or 1.24 per cent stake in Patanjali Foods. GQG Partners acquired the stake at an average price of Rs 1,854 per share. The value of this entire deal is Rs 834.99 crore. After this new transaction, GQG Partners’ stake in Patanjali Foods has increased from 3.19 per cent to 4.43 per cent.
How much is at stake for the promoters?
Meanwhile, Patanjali Ayurved Ltd on Friday sold 97.92 lakh shares or 2.71 per cent stake in the company for Rs 1,815 crore, according to data from the National Stock Exchange (NSE). The shares were sold at an average price of Rs 1,854.08 per piece. The total value of the shares is Rs 1,815.67 crore. Following this share sale, the stake held by promoters and promoter group units of Patanjali Foods has come down from 72.81 per cent to 70.1 per cent. Apart from GQG Partners, details of other buyers of Patanjali Foods shares could not be ascertained. Shares of Patanjali Foods fell 3.75 per cent to close at Rs 1,858.90 on NSE.
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What does Patanjali Foods Limited do?
Incorporated in 1986, Patanjali Foods Limited, formerly Ruchi Soya Industries, is one of the leading consumer goods players in India. The company is present in the segments of edible oils, food and consumer goods production and wind energy. It markets its products through brands such as Patanjali, Ruchi Gold, Mahakosh, Nutrela, etc. Patanjali Ayurveda acquired Ruchi Soya from the insolvency process and subsequently renamed it as Patanjali Foods Limited. Adani Group’s principal investor GQG Partners last month increased its stake in GMR Airports Infrastructure to 5.17 per cent by purchasing additional shares worth over Rs 433 crore.
