Ramdev announces Patanjali’s plan to introduce another FPO for Patanjali Foods

Patanjali Foods has announced that the recent freezing of shares belonging to its promoters by the NSE and BSE will not have an impact on the company’s operations. The move comes as the company prepares to launch a Follow-On Public Offering (FPO) in April to increase public shareholding to 25%. Baba Ramdev, founder of Patanjali Group, has reassured investors and shareholders that the company’s growth trajectory will remain intact. The company, formerly known as Ruchi Soya Industries Limited, went into corporate insolvency resolution process (CIRP) in December 2017. Ramdev confirmed that promoters’ shares are already under lock-in as per Sebi guidelines until April 8, 2023. The Haridwar-based group plans to dilute around 6% stake and has already lined up offshore and domestic investors who are ready to invest in PFL. The recent freezing of shares by the stock exchanges was due to the company’s failure to meet minimum public shareholding norms.