Ruchi Soya FPO
Patanjali's Ruchi Soya raises Rs 1,290 crore from anchor investors
Patanjali-backed FMCG company Ruchi Soya Industries raised Rs 1,290 crore from 46 anchor investors on March 23, a day before its follow-on public offering (FPO).
The offer will open for public subscription on March 24.
The company in a BSE filing said it has finalised allocation of more than 1.98 crore equity shares to 46 anchor investors, at issue price of Rs 650 per share, the higher end of price band. "Of the total allocation, 41.91 lakh equity were allocated to four domestic mutual funds through a total of 24 schemes."
Investors who participated in the offer included Aditya Birla Sun Life Trustee, AG Dynamics Funds, Alchemy India, ASK MF, Authum Investment, Belgrave Investment Fund, BNP Paribas Arbitrage, Cohesion MK Best Ideas, HDFC Life Insurance, Kotak MF, NPS Trust, Quant MF, SBI Life Insurance, Societe Generale, UPS Group TRUST, UTI MF, Volrado Venture Partners, and Winro Commercial.
The price band for the offer has been fixed at Rs 615-650 per share. The offer will close on March 28.
About 50 percent of the offer will be available for allocation to qualified institutional buyers, while 15 percent and 35 precent of the offer have been reserved for non-institutional bidders and retail investors, respectively.
SBI Capital Markets, Axis Capital, and ICICI Securities are the book running lead managers to the issue.
Baba Ramdev's Patanjali Group acquired the edible-oil company through a bankruptcy sale. It has been one of the top performers on Dalal Street in 2020.
Patanjali currently owns a 98.9 percent stake in Ruchi Soya, and that stake will come down to 81percent post-OFS.
Ruchi Soya Industries' 'Ruchi Gold' brand has a market leadership position because it is India's highest-selling palm oil brand.
it is the pioneer and largest manufacturer of soya foods in India under 'Nutrela.
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