On Sunday, Ruchi Soya declared the floor price for its massive Rs 4,300 crore FPO. The auction began on March 24, 2022, and bidding was open till March 28. Through this offering, Swami Ramdev’s Patanjali intends to comply with Sebi’s minimum shareholding rules.
The bankers wrote off a few thousand crores, once again using Baba Ramdev’s securities to fund the acquisition of the same company. Small investors will purchase equity worth Rs. 4300 crores once more.
With a little investment, Baba Ramdev will own 80 per cent of the 31,000-crore corporation. This is taxpayers’ money being looted in a legalized way while the public interest is occupied with communal strife and regional politics.
Ruchi Soya is currently owned by Patanjali, with a 98.9% holding of the company. The “remaining shares” are held by public shareholders. Patanjali’s investment in the company will decrease to 81 per cent following the FPO, while public shareholding would increase to 19 per cent.
Ruchi Soya’s shares closed at Rs 910.10 on the BSE today, down Rs 94.35 or 9.39 per cent. The stock fluctuated between the day’s high and low of Rs 948.70 per share and Rs 831 per share. Due to its FPO issue, Ruchi Soya stock has been in the spotlight this week.
Ruchi Soya, which debuted on the stock exchange on March 28, intends to raise Rs 4,300 crore through the FPO method. The deadline for submissions is March 28. The stock’s price range has been set between $615 and $650 per share. Ruchi Soya received a 12% subscription on the first day of the issue, while the case received a 30% subscription on the second day.
The individual investor’s portion garnered 34% of the bids, while the Qualified Institutional Buyers (QIB) piece received 41%. Meanwhile, non-institutional investors, who accounted for only 9% of the total subscriptions, showed no interest. The Ruchi Soya FPO received bids for 1.52 crore equity shares out of a full offer size of 4.89 crores.
