Ruchi Soya FPO gets 3.6 subscriptions on the last day

 

 

Ruchi Soya Industries has been subscribed for public offering to raise up to 4,300 crore Rs 3.60 times on the last day on Monday.

 

The public follow-up offer (FPO) opened on March 24 and the company raised Rs 1,290 crore from major investors.

Bids came in at over Rs 17.60 crore for just over 4.89 crore shares offered. As a result, FPO has been subscribed 3.60 times in the last day, according to data available on BSE.

 

Quota allocated to eligible institutional buyers (QIBs) was subscribed 2.20 times, while non-institutional investors received 11.75 times.

 

The portion reserved for retail investors is 90 percent oversubscribed, according to the data.

 

The price range of the offer is Rs 615-650 per share.

 

Ruchi Soya Industries, owned by Patanjali Ayurved and led by Baba Ramdev, has exited with an FPO to meet Sebi’s minimum public shareholding ratio of 25 per cent in a listed entity.

 

The company will use the entire proceeds of the issuance to boost its business by paying off certain existing loans, meeting additional working capital requirements and other general corporate purposes, according to a draft Red Herring prospectus.

 

In 2019, Patanjali acquired Ruchi Soya through bankruptcy process for Rs 4,350 crore.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

 

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