GQG increases stake in Patanjali Foods by nearly 4 times, stock jumps 5.3%
GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale of Patanjali in July 2023. The US-based investment firm has been increasing its exposure to India after investing in the Adani group. It holds positions in companies including ITC and Sun Pharmaceutical Industries.
Rajiv Jain-led , which had shot to limelight after making contra bets on Adani stocks in the peak of the Hindenburg crisis, has increased stake in Baba Ramdev’s by nearly 4 times to 11.5% in the March quarter.Following the disclosure to the stock exchanges, shares of the FMCG stock ended 5% higher at Rs 1,404.90 on the BSE.
Earlier, GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale (OFS) of Patanjali in July 2023.
The US-based investment firm has been increasing its exposure to India after investing in the Adani group. It holds positions in companies including and along with lenders ranging from the to and .
Patanjali Ayurved has been in the spotlight after it was restrained from advertising and marketing products meant to cure ailments-disorders till further orders. However, Patanjali Foods, in a regulatory filing, said that the SC order did not relate to PFL, which is an independent listed entity and operates in the space of edible oil and food products only.
The filing further added that the observations do not have any bearing on the regular business operations or the financial performance of Patanjali Foods.
It is one of the leading manufacturers and marketers of a range of edible oils, soy foods.
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Source: Stocks-Markets-Economic Times
