India’s Patanjali Foods falls after stock exchanges freeze promoters’ shares

In a filing with the exchange on Wednesday, Patanjali stated that it has received notifications regarding the share freeze from both the National Stock Exchange and the BSE, formerly known as the Bombay Stock Exchange.

Approximately 292.6 million shares would be impacted, according to the notification, the business stated.

As the three-year window following the company’s relisting came to an end in January 2023, the deadline for the minimum public float standards expired.

Reuters, March 16, 2019 – BENGALURU On Thursday, Patanjali Foods Ltd. (PAFO.NS) shares dropped as much as 5% after the Indian company revealed that the country’s stock exchanges had frozen promoters’ shares since they still owned almost 80% of the company.

The India Securities and Exchange Board of Trade is the country’s market regulator.

Ruchi Soya Industries to change name to Patanjali Foods Limited

An Indian company called Patanjali Foods Limited, formerly known as Ruchi Soya Industries Limited, works in the edible oil industry. In India, the company manufactures and sells a line of nutritious edible oils and soy-based foods. The company holds about 22 manufacturing facilities with a rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surgescombined daily capacity of over 11,000 tonnes for refining, 11,000 tonnes for crushing seeds, and 10,000 tonnes for packaging. Among the brands owned by the business are Nutrela, Mahakosh, Sunrich, Ruchi Gold, and Ruchi No. Nutrela Soya Chunks, Nutrela Soya Granules, and Nutrela Soya Mini Chunks are some of the company’s Nutrela Soya Foods offerings. Additionally, it provides Nutrela Honey and High Protein Chakki Atta. In its biscuits division, Patanjali Aarogya is available.

Patanjali Foods continues to work towards business 

Patanjali Foods Limited – PFL (formerly known as Ruchi Soya Industries Limited) has carried on with its efforts to meet its financial and business objectives after posting strong Q3 results. According to the company, it generated total revenue of Rs 7,963.75 crore for the three months that ended on rajkotupdates.news:emm-negative-rare-blood-group-found-in-rajkot-man-11th-such-case-worldwide December 31, 2022, up from Rs 6,301.19 crore in Q3FY22, representing an increase of 26.38 per cent YoY. The PAT for the quarter, which stood at Rs 269.18 crore, showed remarkable growth of 139.73% QoQ and 14.96% YoY, according to the statement. The company’s total revenue for the nine months that ended on December 31, 2022, increased by 35.50% and 8.89% to Rs 23,858.50 crore and Rs 622.73 crore, respectively.

Corporate Governance

The ISS Governance QualityScore of Patanjali Foods Limited as of N/A is N/A. Scores for each pillar are Shareholder rights, the board, the audit, and compensation are all blank.

Institutional Shareholder Services (ISS) provides scores on corporate governance. Scores represent decile rank in relation to region or index. A score of 1 on the decile scale denotes low governance risk, while a score of 10 denotes severe governance risk.

Patanjali Foods Falls after BSE

Shares of Patanjali Foods Ltd., formerly known as Ruchi Soya Industries Ltd., fell during morning trade as a result of BSE and NSE’s decision to freeze the promoter and promoter group’s rajkotupdates.news : drinking lemon is as beneficial holdings for breaking the rules requiring public shareholding to remain at 25%. The scrip later made a comeback. The 30-share Sensex closed level at 57,634.84 points on Thursday, while Patanjali Foods closed 2.38% lower at Rs938.05 on the BSE.

 “We have received a means of interaction from our promoters that they are fully committed to the mandatory compliance of achieving minimum public shareholding,” the business states in a regulatory filing.