Ruchi Soya renamed as Patanjali Foods; stock surges
The Patanjali Ayurved-owned company became debt-free after it repaid ₹2,925 crore worth of loans to banks.
The Patanjali Ayurved-owned company became debt-free after it repaid ₹2,925 crore worth of loans to banks.
The Patanjali Ayurved-owned company's stock jumped 14.71% to ₹938 apiece on the National Stock Exchange.
A little help from lenders facilitated Ruchi Soya’s follow-on public offer.
Shares of Ruchi Soya rallied as much as 20% even after its ₹4,300 crore follow-on public offering faces a regulatory hurdle.
Authum Investment picks up 12.69 lakh shares in anchor placement.
Ruchi Soya allocated 19,843,153 equity shares to anchor investors at the upper limit of the price-band of its offer, i.e. ₹650 per equity share.
"Ruchi Soya-Patanjali will be bigger than HUL. We will beat them in both turnover as well as EBITDA."
Shares of this Baba Ramdev’s Patanjali-owned company have registered a 55x growth in a short span of two years since its relisting at ₹17 apiece on January 27, 2020.
The follow-on public offer of Ruchi Soya will open on March 24 for subscription.
This comes after the company's board approved a red herring prospectus (RHP) for its follow-on public offering (FPO) worth ₹4,300 crore.