Baba Ramdev's company Ruchi Soya will present FPO on March 24, plans to raise Rs 4300 crore from public

Baba Ramdev’s company Ruchi Soya will present FPO on March 24, plans to raise Rs 4300 crore from public

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new Delhi. Ruchi Soya, an edible oil company owned by Patanjali Ayurved, led by yoga guru Baba Ramdev, will bring its follow on public offer (FPO) on March 24, through which its There is a plan to raise up to Rs 4,300 crore.

Ruchi Soya told the stock exchanges on Friday that a committee of the board has approved the Red Herring Prospectus (RHP). The board also approved to open the issue for bidding on 24 March 2022 and close on 28 March 2022.

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The company had got the approval of the country’s market regulator Securities and Exchange Board of India (SEBI) to bring FPO in August last year. Ruchi Sona had filed the Draft Red Herring Prospectus (DRHP) in June 2021. According to the DRHP, Ruchi Soya will use the proceeds from the issue to pay off certain outstanding debt, meet its working capital requirements and other general corporate purposes.

Patanjali had acquired Ruchi Soya in the year 2019
Let us tell you that Patanjali had acquired Ruchi Soya in the year 2019. Patanjali had acquired Ruchi Soya for Rs 4,350 crore under the bankruptcy process.

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Promoters currently hold about 99 percent stake
The promoters of the company currently hold about 99 per cent stake. The company has to sell at least 9 percent stake in this round of FPO. As per SEBI norms, there should be at least 25 per cent public stake in the company, with promoters having about three years to reduce their stake to 75 per cent.

Tags: Baba Ramdev, Patanjali, Ramdev, Swami Ramdev

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