Patanjali Foods says no impact on financial position after exchanges freeze promoter holding

New Delhi, March 16

Patanjali Foods has said that the stock exchanges action of freezing promoter holding will not have any impact on its financial position as the company continues its journey of registering robust business and financial performance.

"We have a strong management team in place to steer towards our long-term journey," Patanjali Foods said in an exchange filing.

The company said it has received communication from the promoters that they are fully committed to the mandatory compliance of achieving the minimum public shareholding and they have been discussing various modes best suited for increasing the public shareholding.

"They are confident of achieving mandatory MPS within the next few months," it added.

"Our promoters' equity shares are already under lock in as per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 till April 2023 (one year from date of listing i.e. April 8, 2023) and therefore, we do not perceive any impact of this action by the Stock Exchanges. Further, it should be noted that our promoters' equity shares are not pledged," the company said.

"We are also fully committed to be one of the leading FMCG players in the country with sustained growth going forward," the company added.