Baba Ramdev's Ruchi Soya Files Follow-On Public Offer To Raise Up To Rs 4,300 Crore

Ruchi Soya said that the issue committee constituted by its board has approved fund raising by way of further public offer of equity shares.

Edible oil firm Ruchi Soya, which is owned by Baba Ramdev-led Patanjali Ayurveda, has filed draft document with SEBI to launch a follow-on public offer (FPO) for raising up to Rs 4,300 crore. The FPO is being launched to meet the SEBI norm of minimum public shareholding of 25 per cent in a listed entity. Ruchi Soya filed the draft red herring prospectus (DRHP) with market regulator SEBI on Saturday, sources said, adding that the company plans to raise up to Rs 4,300 crore through the share sale. They said that the promoters have to dilute a minimum 9 per cent stake in this round of the FPO. The FPO is likely to hit the capital market next month after getting Sebi approval. In a regulatory filing, Ruchi Soya said that the issue committee constituted and authorised by its board has approved raising of funds by way of further public offer of equity shares of the company. The panel also approved the DRHP dated June 12, 2021, for filing with SEBI and two stock exchanges — BSE Limited and National Stock Exchange of India Limited.