Ruchi Soya FPO: The FPO of Ruchi Soya, owned by yoga guru Baba Ramdev, is about to come.
Ruchi Soya FPO: The follow-on public offer (FPO) of edible oil maker Ruchi Soya is about to come. The FPO of Ruchi Soya, owned by yoga guru Baba Ramdev, will open on March 24. The company plans to raise Rs 4300 crore. Ruchi Soya, a subsidiary of Patanjali Ayurved, has given this information in a regulatory filing on Friday. According to the filing, the company’s board committee has approved the introduction of FPO between March 24 and March 28, 2022, ie this FPO will open on March 24 and close on March 28.
Four crore subscribers of EPFO may get a big setback, decision to keep PF interest rate at a low of 44 years
That’s why Ruchi Soya is bringing FPO
The company had got approval from market regulator SEBI in August 2021 only last year to bring FPO. Ruchi Soya had filed a draft red herring prospectus for this in June 2021. The company is bringing this public issue to fulfill the provisions of SEBI, under which at least 25 percent shareholding in the listed company should be held by the public. According to DRHP, Ruchi Soya will use the money raised through the FPO for debt servicing, meeting increased working capital requirements and other general corporate purposes.
Investing in Mutual Funds: Ease of investing in mutual funds with Demat account, but these can be big problems
Patanjali had acquired three years ago
Ruchi Soya was bought by Patanjali for Rs 4350 crore through insolvency process in the year 2019, about three years ago. Promoters currently hold 99 per cent stake in the company and need to reduce at least 9 per cent stake through this round of FPO. As per SEBIK norms, the company has to raise the promoters’ stake to a maximum of 75 per cent in three years. Ruchi processes soya oilseeds. Refines crude edible oils and manufactures soy products. Apart from this, it does business of other value added products. Its business is under the brand names of Mahakosh, Sunrich, Ruchi Gold and Nutrila.
(Input: news agency PTI)
,