Patanjali-Promoted Ruchi Soya FPO Lists At 31 Per Cent Premium At Rs 850

Mumbai: Shares of Patanjali Ayurved-promoted Ruchi Soya Industries listed at a 31 per cent premium at Rs 850 on the BSE compared to its follow-on public offer (FPO) price of Rs 650 in a firm Mumbai market on Friday.

The shares were trading up 4 per cent compared to yesterday's closing price of Rs 818 as the company listed 6.61 crore new shares issued in a Rs 4,300-crore FPO.

According to market participants, numerous high-net-worth individuals (HNIs) who applied for the FPO dumped their shares after Sebi urged bankers of Baba Ramdev-led Patanjali group's Ruchi Soya on March 28 to provide investors in its FPO the option to withdraw their bids, while also warning them about the "distribution of unsolicited SMS" regarding the share sale.

According to the Sebi directive, the FPO closed on March 28 and the withdrawal window was open for two days until March 30.

The company informed stock markets on Tuesday that it has approved the allotment of 6,61,53,846 equity shares for a total of Rs 4,300 crore under the FPO.

According to regulatory filings, the company's paid-up equity share capital has increased from Rs 59,16,82,014 to Rs 72,39,89,706 as a result of the offering.

According to sources, around 97 lakh bids were withdrawn by FPO investors after markets watchdog Sebi advised Ruchi Soya to provide investors the option to withdraw their bids on March 31.

In a recent interview with ABP News, Ramdev categorically mentioned that he wants Patanjali to become the world's biggest food company soon. “We want to surpass Hindustan Unilever (HUL), one of the largest FMCG companies, in India. We don’t want to compete with anyone. We want to compete with ourselves. Self-competition, self-inspiration, self-motivation is the key to our success,” he said.

While sharing his vision, the yoga guru said that he is certain that very shortly Patanjali will achieve the target of becoming India’s No.1 food company.