After Adani, US-based GQG Partners invests in Baba Ramdev-led Patanjali Foods

Weeks after Florida-based investment firm, GQG Partners put in thousands of crore into crisis-hit Adani firms, it has now invested around Rs 2,400 crore in Baba Ramdev-led FMCG company Patanjali Foods.

Following the move, shares of Patanjali Foods Limited closed 3 percent higher at Rs 1,253 on July 17, with 34 lakh shares changing hands on NSE.

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Adani group stocks rise after GQG buys additional stake

NRI Rajiv Jain-led GQG picked a 5.96% stake or about 2.15 crore shares of Patanjali. The stocks were bought through the stock exchange settlement process by way of an offer for sale (OFS).

According to reports, the floor price was kept at Rs 1,000 per share but allotment to non-retail investors was done at a share price of Rs 1,103.80. GQG's investment would, therefore, be worth around Rs 2,400 crore.

Patanjali Foods recently completed an OFS of a 7 percent stake, resulting in a decrease in the promoter group's ownership in the company to 73.82 percent from 80.82 percent. This transaction ensured compliance with the minimum shareholding requirements.

GQG Partners ups with Adani group

U.S Based GQG partners pumped in over $2 billion into Adani group companies over the last few months.

GQG's investment in the Adani Group came at a time when most investors were jittery following the Hindenburg Research report in late January. The US-based short seller accused the Adani Group of fraud and stock manipulation, which the conglomerate strongly denied.