Muristek
New Delhi, MARCH 24
Patanjali Ayurved-owned Ruchi Soya on Thursday hit the capital market to raise Rs 4,300 crore through its follow-on public offer (FPO) as it aims to become a debt-free company. The issue for which the price band has been fixed at Rs 615 to Rs 650 per share will close on March 28.
Addressing a press conference here, Ramdev said the company has already raised Rs 1,290 crore from anchor investors on Wednesday. He added that the proceeds of the FPO would be utilised to retire the term loan of Rs 3,300 crore.
Asked why the price band has been kept lower than the current market prices, Ramdev said this has been done to give a good return to investors. Ruchi Soya shares closed on Wednesday Rs 897.45 apiece on the BSE.
Ramdev said Patanjali Ayurved would demerge all its food businesses into Ruchi Soya Industries. Ruchi Soya was acquired by the Patanjali group for Rs 4,350 crore through an insolvency process.
In 2020-21, Patanjali Ayurved had posted a turnover of Rs 9,783.81 crore, while other subsidiaries registered a turnover of over Rs 4,000 crore.