Explorer

SEBI Notes The Changes Made In Ruchi Soya's Offer Document

"We have noted the changes made in the offer document as intimated by you in your above mentioned letter and email," said SEBI.

Mumbai: The market regulator SEBI on Thursday noted the changes made in the Rs 4300 crore follow-on public offer of Ruchi Soya, promoted by Baba Ramdev led Patanjali Ayurveda.

"We have noted the changes made in the offer document as intimated by you in your above mentioned letter and email," said SEBI.

Company officials claim it to be deemed approved by the market regulator.

 The Rs 4300 crore follow on public offer (FPO), is likely to be launched within a week of getting the formal nod from the SEBI.

The FPO proceeds will be used to repay the company's debt and support further working capital requirements. The FPO will help the company to comply with Sebi's minimum public shareholder requirements. A listed firm must have at least 25% public shareholding, according to the regulator's guidelines.

The Indian edible oils company has time until December 2022 to reduce its holding to 75%. The promoters own 98.90% of the company as of June 2021. The FPO is a book-built one with a face value of Rs 2 per equity share.

Patanjali Ayurveda bought Ruchi Soya through an insolvency process in 2019 for Rs 4,350 crore. Ruchi Soya specializes in processing oilseeds, refining edible crude oil as cooking oil, and producing soya products and value-added products. The company features a farm-to-fork business model and an integrated value chain in the palm and soya divisions.

According to Baba Ramdev, the Patanjali Group, which includes Ruchi Soya, is on track to overtake Hindustan Unilever as the country's top FMCG company this year. In 2020-21, the Haridwar-based company surpassed the Rs 30,000 crore revenue milestone, compared to HUL's Rs 45,311 crore revenue.

Baba Ramdev last month said that the initial investor response for the Ruchi Soya issue has been robust and that he would ensure that the price of the upcoming offering is fixed in the interest of all existing and potential shareholders.

On Thursday, Ruchi Soya's shares on BSE closed down marginally at Rs 1093.2 in an almost flat Mumbai market, valuing the company at Rs 32,314 crore.

Top Headlines

Amazon, FluxGen To Launch Water Conservation Project At Pune's NCL Campus
Amazon, FluxGen To Launch Water Conservation Project At Pune's NCL Campus
EXCLUSIVE | 'No Time For Complacency': RBI MPC Member Nagesh Kumar On Why India's 7.8% Growth Is Impressive But Headwinds Lie Ahead
EXCLUSIVE | RBI MPC Member Nagesh Kumar On Why India's 7.8% Growth Is Impressive But Headwinds Ahead
Stock Markets Fall As Sensex Decline Over 120 Points, Nifty Tests 23,400
Stock Markets Fall As Sensex Decline Over 120 Points, Nifty Tests 23,400
OPINION | India's New Tax Rules Belong On Every CFO's Compensation Agenda
OPINION | India's New Tax Rules Belong On Every CFO's Compensation Agenda

Videos

BRICS SUMMIT: Xi Jinping Arrives in India After 7 Years, Global Focus on Delhi
INDIA-CHINA FLIGHTS: China Southern to Resume Direct Flights to New Delhi After 6 Years
XI JINPING INDIA VISIT: Chinese President Arrives in Delhi After 7 Years
BRICS SUMMIT: PM Modi’s Packed Schedule, Xi Jinping Meet at 5:45 PM
INDIA-CHINA RELATIONS: India to Engage with China, But Trust Remains a Challenge

Photo Gallery

25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Embed widget