GQG Partners, backed by billionaire Rajiv Jain, increased its stake in Patanjali Foods by 1.24% on Friday. The asset management firm acquired this additional stake from the promoter group entity, Patanjali Ayurved Ltd, for approximately Rs 835 crore through an open market transaction.

According to bulk deal data from the NSE, GQG Partners, a US-based investment firm, purchased 45.03 lakh shares, which represents the 1.24% stake in Patanjali Foods.

The shares were acquired at an average price of Rs 1,854 each, making the total transaction value Rs 834.99 crore.

Following this transaction, GQG Partners’ shareholding in Patanjali Foods increased to 4.43% from 3.19%.

In contrast, Patanjali Ayurved Ltd sold 97.92 lakh shares, equivalent to a 2.71% stake in the company, for Rs 1,815 crore. The shares were sold at an average price of Rs 1,854.08 each, bringing the total value of the deal to Rs 1,815.67 crore.

Consequently, the stake of Patanjali Ayurved Ltd and its promoter group in Patanjali Foods has decreased from 72.81% to 70.1%.

Details regarding other buyers of Patanjali Foods' shares were not available. On the NSE, Patanjali Foods' shares saw a decline of 3.75%, closing at Rs 1,858.90 per share.

In related news, GQG Partners, which has previously invested in the Adani Group, also increased its stake in GMR Airports Infrastructure to 5.17% last month by acquiring additional shares valued at over Rs 433 crore.

Patanjali Foods Ltd, formerly known as Ruchi Soya Industries and acquired by Patanjali Ayurved through the insolvency process, is a major player in the Indian FMCG sector.

The company operates in edible oils, food and FMCG, and wind power generation segments, and markets its products under brands such as Patanjali, Ruchi Gold, Mahakosh, and Nutrela.