Industry

Patanjali’s Ruchi Soya files for ₹4,300 crore FPO

Ruchi Soya Industries Ltd., part of Baba Ramdev co-founded Patanjali Group, has filed it’s draft papers with SEBI to raise upto ₹4,300 crore via a further public offering (FPO) by way of a pure fresh issue.

In 2017, Ruchi Soya, with over ₹12,000 crore debt, was dragged into Insolvency & Bankruptcy Code(IBC) proceedings. In 2019, the Patanjali Group acquired it for ₹4,350 crore through the National Company Law Tribunal (NCLT) resolution process.

Currently it is a major FMCG and integrated edible oil refining companies in the edible oil sector. In terms of palm plantation allocations, it is one of the largest player having 2,55,207 hectares of potential land under development spread across 9 States, the filing said.

50% of the issue size will be on offer to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional investors (NIIs) and 35% to Retail Individual Investors (RIIs).

Given that the issue is proposed as a pure fresh issue, the entire issue proceeds will be used for furthering the company’s business by repayment of certain outstanding loans and meeting its incremental working capital requirements and other general corporate needs.


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Printable version | Jul 24, 2021 7:21:26 PM | https://www.thehindu.com/business/Industry/patanjalis-ruchi-soya-files-for-4300-crore-fpo/article34810219.ece

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