Patanjali Ayurved, the promoter of Patanjali Foods, on Thursday said it will not exercise a 2 per cent greenshoe option in the ongoing offer for sale (OFS) of Patanjali Foods (earlier known as Ruchi Soya Industries).

The offer opened for subscription on Thursday for institutional investors and received cumulative bids for over 4.56 crore shares.

A little over 2.28 crore shares were offered to non-retail investors. Retail investors will bid on Friday.

On Thursday, the counter was locked in at the lower circuit of 5 per cent and it closed at Rs 1,166.65.

On Wednesday, Patanjali Foods had informed that Patanjali Ayurved proposes to sell up to 25,339,640 equity shares, representing 7 per cent of the total paid-up equity share capital of the company.

The promoter may also sell up to 7,239,897 equity shares, representing 2 per cent of the equity.

However, the promoter firm on Thursday said it will not proceed with the green-shoe option.

Shyam Metalics

Shyam Metalics and Energy on Thursday said the company has time till June 2024 to reduce its promoter holding to 75 per cent amid market speculation that the company is looking at various options, including Qualified Institutional Placement (QIP) and Offer for Sale (OFS) to comply with the statutory requirement.

Shyam Metalics was listed on the bourses in June 2021 following which, the promoter holding of the company came down. As of June 30, 2023, the Brij Bhusan Agarwal led company had a promoter holding of 88.35 per cent with the remaining 11.65 per cent with the public shareholders.

“Post IPO promoter stake in the company came down to 88.35 per cent. According to Sebi (LODR) Regulations, listed companies need to bring down their promoter shareholding to 75 per cent within 3 years. So, the company has time till June 2024,” the company said.

“While the need for dilution is a regulatory mandate, we have not yet finalised any modalities of achieving the same. Any talk about QIP or OFS is purely speculative at this point,” the company said.