Mumbai: cleared another hurdle to launch its Rs 4,300-crore follow-on public offer (FPO) after Patanjali Ayurved, the company’s main promoter, told the Delhi high court that it will continue to hold majority stake in the Indore-based FMCG company for the next 90 days.
The HC was hearing a petition by Ashav Advisory, a Delhi-based consultancy firm that had taken Patanjali Ayurved, Ruchi Soya and three other entities to court claiming it owns 11% in the FMCG company. The promoters have contested Ashav Advisory’s claim. Industry sources said that the latest development has been communicated to Sebi, which had given its go-ahead for the NFO last week. The merchant bankers, led by SBI Capital Markets, are expected to launch the FPO soon.