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Shares of Ruchi Soya Industries, which were listed earlier this month, have given strong returns to investors in a span of just three weeks, in otherwise a weak market on the back of heavy volumes. The stock of the edible oil company was trading nearly 5 per cent higher for the eighth straight day. The shares have rallied more than 75 per cent since their listing on bourses on April 8 to Rs 1,140 on Friday. The company had offered shares at Rs 650 apiece.

The Ruchi Soya FPO was done to dilute the promoter holding in the company in order to comply with the 25 per cent minimum public shareholding norms. Following the Ruchi Soya FPO, the promoter shareholding in the company has reduced from 98.9 per cent to below 80.82 per cent.

Ruchi Soya’s FPO was open for subscription between March 24-March 28 as the company raised Rs 4,300 crore via allotment of 6,61,53,846 equity shares with a face value of Rs 2 each. The edible oil major said it has repaid Rs 2,925 crore loans to banks and has become a debt-free company following the FPO.

The board of directors of Ruchi Soya Industries also changed the company’s name to Patanjali Foods. “At its board meeting held on April 10, the directors also accorded their in-principle approval for evaluating the most efficient mode of enhancing synergies with Patanjali Ayurved Ltd’s food portfolio in any manner on an arm’s-length basis,” the company had said.

Ruchi Soya is recognized amongst the largest branded oil packaged food company. Its ‘Ruchi Gold’ brand has a market leadership position, on account of being India’s highest selling palm oil brand and also the pioneers and largest manufacturers of soya foods in India under the brand name of “Nutrela’.

The Company is recognised amongst the largest branded oil packaged food company with a strong portfolio of brands in various types of cooking oils under categories such as palm, soybean, mustard, sunflower, cottonseed etc. with robust brands portfolio of “Ruchi Gold”, “Mahakosh”, “Sunrich”, Ruchi Star and Ruchi Sunlight.

The Company has expanded its packaged food portfolio by acquiring the ‘Patanjali’ product portfolio of biscuits, cookies, rusks, noodles, and breakfast cereals and is a part of the Patanjali group, one of India’s leading FMCG and health and wellness companies.

Ruchi Soya was bought by Patanjali Ayurved for Rs 4,350 crore in the year 2019 under an insolvency process. Now the board of Ruchi Soya has changed the name of the company to Patanjali Foods. The company says that the directors have done this to enhance synergy with the food portfolio of Patanjali Ayurved Limited. Recently, the company has also entered the segment of flour and honey.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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