Ruchi Soya Is Now Patanjali Foods Limited, Shares Jump Over 6 Per Cent
In a BSE filing, company's board on April 10 approved the changing of the firm's name to Patanjali Foods Limited
New Delhi: Edible oil and food products major Ruchi Soya has been renamed Patanjali Foods Limited.
In a BSE filing, company's board approved the changing of the firm's name to Patanjali Foods Limited. The board meeting was held on April 10.
The portfolio of 17 food products such as cow ghee, chavyanprash, aloevera juice, amla juice, spices, edible oils, honey, and others to be transferred under Patanjali Foods Limited.
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According to the statement filed by the company, “The Board of Directors have decided to change the name of the company to Patanjali Foods Limited or any other name as may be made applicable by the Registrar of Companies, Maharashtra, Mumbai subject to all other applicable approval.”
The board also authorised the officials of the company to negotiate, finalise, execute, and deliver the terms and conditions of the proposed transaction to enhance synergies with Patanjali Ayurved.
The oil-and-food-products major launched its follow-on public offer (FPO) on March 24 to garner Rs 4,300 crore. The company fixed a price band of Rs 615-650 for the public offer.
Ramdev promoted-Ruchi Soya's shares got listed on the bourses on Friday at a 31 per cent premium at Rs 850 on the BSE compared to its FPO price of Rs 650. The FPO was oversubscribed 3.6 times and received bids for 17.56 crore equity shares against the size of 4.89 crore equity shares on the final day. The retail quota, which constitutes 35 per cent of the issue, saw subscription of 90 per cent.
The stock price jumped over 6 per cent to Rs 979 on Monday early trade. However, at 12.30 pm, the stock was trading marginally down by 5.33 per cent to Rs 974.
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