GQG Partners Increases Stake In Patanjali Foods To 3.41%

Patanjali Ayurved Ltd. sold a 2.7% stake in Patanjali Foods Ltd. in a deal worth approximately Rs 835 crore and among the buyers was another promoter group of the company—GQG Partners Emerging Markets Equity Fund.

GQG Partners bought 45 lakh shares or 1.24%, at Rs 1,854 apiece. It held a 2.17% stake in the company as of June and now the total holding is 3.41%. Patanjali Ayurved held a 32.37% stake in the company as of June. 

Patanjali Ayurved sold a 2.7% stake in the edible oil company in a bulk deal on National Stock Exchange, dragging the share price down by as much as 4.16% during the day. The sell value indicates that it was sold at a 4% discount as compared to the close of Rs 1,931.25 on Thursday.

Shares of Patanjali Foods closed 3.65% lower at Rs 1,860.95 apiece on the NSE, compared to a 0.13% decline in the benchmark Nifty 50. The stock has risen 43.32% on a year-to-date basis and 18.16% in the past 12 months.