Ruchi Soya, the FMCG company that was acquired by Baba Ramdev’s Patanjali Ayurveda under the Insolvency and Bankruptcy Code (IBC), intends to raise approximately Rs 4,300 crore via another public offering (Follow on Public Offer-FPO). According to regulatory filings with stock exchanges, the company’s board of directors approved the fundraising and the draught red herring prospectus filed with the Securities and Exchange Board of India (SEBI).
Additionally, the move will enable the company to comply with SEBI’s minimum public shareholding requirements. Promoters holding 98.9 percent must dilute a minimum of 9% of their stake in this round of FPO. According to reports, the company may raise approximately Rs 4,300 crore through the FPO. Ruchi Soya’s primary business is oilseed processing, refining crude edible oil for use as cooking oil, and manufacturing soya products and value-added products.
The company operates a farm-to-fork value chain in the palm and soya segments. Mahakosh, Sunrich, Ruchi Gold, and Nutrela are some of its brands. Ruchi Soya owns 22 manufacturing facilities with a combined refining capacity of more than 11,000 tonnes per day, seed crushing capacity of 11,000 tonnes per day, and packaging capacity of 10,000 tonnes per day.
It has exclusive procurement rights over more than two lakh hectares of land in India suitable for palm oil cultivation. Ruchi Soya announced earlier this month that it had acquired the biscuits business from Patanjali Natural Biscuits Pvt Ltd (PNBPL) in a slump sale for Rs 60 crore.
(Only the headline, some content and picture of this report may have been reworked by the Mixpoint Team; the rest of the content is auto-generated from a syndicated feed.)