Patanjali-Backed Ruchi Soya Raises Rs 1,290 Crore From Anchor Investors
Ruchi Soya Industries on Wednesday said it has raised Rs 1,290 crore from anchor investors ahead of its follow-on public offering (FPO).
The FPO of Ruchi Soya Industries, which is owned Baba Ramdev-led Patanjali Ayurved, is opening public subscription on Thursday to raise up to Rs 4,300 crore. The closing date is March 28, 2022.
The company offered 1.98 crore equity shares at a price of Rs 650 per equity share to anchor investors on Wednesday.
The foreign investors, which received allocation under the anchor investor portion of the FPO include Societe Generale, BNP Paribas, The Sultanate of Oman, Ministry of Defence Pension Fund, Yas Takaful PJSC (an Abu Dhabi based insurance company), MK Cohesion, UPS Group and Alchemy.
The company is coming out with the public issue to meet Sebi's norm of minimum public shareholding of 25 per cent in a listed entity.
As per the DRHP, Ruchi Soya will utilise the entire issue proceeds for furthering the company's business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes.
In 2019, Patanjali acquired Ruchi Soya through an insolvency process for Rs 4,350 crore.
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