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Ruchi Soya raises Rs.1,290-Cr from anchor investors ahead of FPO

MyBigPlunge  

Publicly listed Ruchi Soya Industries has raised INR 1,290 crore from anchor investors ahead of its follow-on public offering (FPO). The FPO of Ruchi Soya, which is controlled by Baba Ramdev-led Patanjali Ayurved, opened for public subscription on Thursday to raise INR 4,300 crore. The issue closes on March 28, 2022. The company offered 1.98 crore equity shares at a price of INR 650 per equity share to anchor investors including 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. Ruchi Soya will use 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 had acquired Ruchi Soya through an insolvency process for INR 4,350 crore.