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While the promoter’s shares were frozen by stock exchanges for not meeting the minimum public shareholding (MPS) requirement, shares of Patanjali Foods fell more than 5 percent in trade on Thursday. There was selling pressure on Patanjali Foods this morning despite the fact that the company’s managers expressed optimism that they will meet the MPS conditions for the next three months.
During BSE, the stock fell as much as 4.77 percent, to a low of Rs 915. Patanjali Foods said that the company’s promoter shares are already locked in and the new development will not affect the company’s financial position as promoter shares are not pledged.
According to the actions of the stock exchanges, 292.58 crore equity producer group in Patanjali Foods Ltd. frozen by stock exchanges for failing to meet the required minimum public shareholding requirements by the deadline.
According to Patanjali Foods, despite the best efforts of its promoters, they could not achieve the MPS on time due to the COVID outbreak and market conditions prevailing at that time.
Later, in March 2022, it announced a Rs 4,300 crore follow-on IPO and floated 6,61,53,846 shares to the public, raising the public’s shareholding to 19.18 percent. As public shareholders already own 19.18 percent of the company’s equity, the company will have to further increase its stake by 5.82 percent to meet the MPS.