GQG Partners raises stake in Patanjali Foods by 1.24% for Rs835 cr

New Delhi: Billionaire Rajiv Jain-backed GQG Partners on Friday hiked its stake in Patanjali Foods by acquiring a 1.24 per cent holding from promoter group entity Patanjali Ayurved Ltd for about Rs 835 crore through an open market transaction. According to the bulk deal data available on the NSE, US-based asset management firm GQG Partners purchased 45.03 lakh shares or 1.24 per cent stake in edible oil major Patanjali Foods. The shares were picked up at an average price of Rs 1,854 apiece, taking the deal value to Rs 834.99 crore. After the latest transaction, GQG Partners' shareholding in Patanjali Foods has increased to 4.43 per cent from 3.19 per cent. 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, the data showed on the National Stock Exchange (NSE). The shares were offloaded at an average price of Rs 1,854.08 per piece, taking the deal value to Rs 1,815.67 crore. After the share sale, the promoter and promoter group entities' of Patanjali Foods has come down to 70.1 per cent from 72.81 per cent. Apart from GQG Partners, details of the 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 apiece on the NSE. GQG Partners, a key investor in Adani Group, last month increased its stake in GMR Airports Infrastructure to 5.17 per cent by snapping up additional shares worth over Rs 433 crore. Incorporated in 1986, Patanjali Foods Ltd, erstwhile Ruchi Soya Industries, is one of the leading FMCG players in India. The company is present in edible oils, Food & FMCG and wind power generation segments. It markets its products through brands like Patanjali, Ruchi Gold, Mahakosh, Nutrela, etc. Patanjali Ayurved acquired Ruchi Soya through the insolvency process and was later renamed Patanjali Foods Ltd.