FIs warm up to Ramdev's OFS

The offer for sale of Patanjali Ayurved, Baba Ramdev co-founded Patanjali Group’s flagship entity, received a fair response as it opened on Thursday. The quota for institutional investors was subscribed two times. The Haridwar-based firm, which holds around 40 per cent in BSE listed Patanjali Foods, plans to sell 9 per cent of the total shares within two days, starting today. The move, however, has resulted in a sharp decline in its market valuation as its stock plunged 5 per cent in early trade, hitting the lower circuit. One of the key factors that led to this sharp fall in its share price lies in its OFS. While the stock was trading at Rs 1,228 a share at the end of July 12, a day before the OFS began, the company launched its OFS at a floor price of Rs 1,000 a share, a discount of 18.6 per cent, resulting in public shareholders liquidating their positions.

Deep Industries hits 52-week high
Deep Industries share price touched a 52-week high of Rs 220.05, gaining 12 percent in early trade on July 13 as the company received an order from ONGC. The Rs 130-cr order from ONGC is for a 90MT mobile drilling rig for three years, the company said in a regulatory filing. In another filing, the company said that it has acquired a 74 per cent equity stake of Breitling Drilling Private Limited, making it a subsidiary of Deep Industries. The company acquired 740 equity shares with an aggregate investment of upto Rs 7,400 in BPDL through subscription to its shares.