Through an exchange filing, Baba Ramdev-founded Patanjali Foods has denied reports about its Follow on Public Offer (FPO), a day after shares of its promoters were frozen.
Promoters hold more than 80 per cent stakes in Patanjali Foods, which is higher than 75 per cent which is the limit for promoter shares in a firm.
This prompted stock exchanges in India to freeze more than 29 crore shares belonging to the promoters.
Patanjali has also made it clear that the action against promoters won't affect business of the FMCG firm.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)