Patanjali backed, Ruchi Soya FPO to open on March 24

Diversified FMCG and FMHG focused company, Ruchi Soya will launch its follow-on public offer (FPO) on March 24, 2022 the company said in its filing on the exchanges on March 11, 2022.

The FPO comprises equity shares of face value of Rs 2 each aggregating to Rs 4300 crore. The issue also includes a reservation of up to 10,000 equity shares for subscription by eligible employees. If such placement is completed, the follow-on size will be reduced. The issue will open on March 24 and close on March 28.

After filing a draft red herring prospectus (DRHP) in June 2021, the Securities and Exchange Board of India (SEBI) approved the public issue of the Ruchi Soya FPO in August 2021. To comply with Sebi's requirement of a minimum public shareholding of 25% in a listed business, the company is issuing a further public offering. It will take about three years to reduce promoters' stake to 75%. This FPO dilution will aid Baba Ramdev's Patanjali Ayurveda, which owns Ruchi Soya, in adhering to the minimum shareholding rules.

Currently, Patanjali Group owns about 98.9 percent stake in Ruchi Soya. Public shareholders own about 1.1 percent stake. Post the FPO, Patanjali Group's holding in Ruchi Soya will come down to about 81 percent and the public would hold about 19 percent.

As per the DRHP, Ruchi Soya mentions it will utilize the entire issue proceeds for furthering the company's business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes.

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