Patanjali Foods assures no impact on financials after promoter holding freeze by exchanges
New Delhi - Patanjali Foods has assured investors that the recent freeze on its promoter holding by stock exchanges will not have any impact on its financial position, as the company continues its journey of registering robust business and financial performance.
In an exchange filing, Patanjali Foods stated that it has a strong management team in place to navigate its long-term journey, and that it has received communication from its promoters that they are fully committed to achieving the mandatory minimum public shareholding (MPS) and have been discussing various modes to increase public shareholding.
The company further stated that its promoters' equity shares are already under lock-in as per Securities and Exchange Board of India (SEBI) regulations until April 2023, and therefore, it does not perceive any impact of the recent action taken by the stock exchanges. The company added that its promoters' equity shares are not pledged.
"We are also fully committed to being one of the leading FMCG players in the country with sustained growth going forward," the company said.
Patanjali Foods is a subsidiary of Patanjali Ayurved, the Indian consumer goods company founded by yoga guru Baba Ramdev. The company is known for its herbal and natural products and has rapidly expanded its product line to include food and beverages.