Today is the last day to subscribe to Ruchi Soya’s FPO (Follow on Public Offer). The Patanjali Group subsidiary has not received any specific response from investors so far. Ruchi Soya hit the capital markets on Thursday, March 28. The company plans to raise Rs 4,300 crore through FPO. The issue will close on March 28. The price band has been fixed at Rs 615 to Rs 650 per share. On the first day of the issue, Ruchi Soya was subscribed 12% and on the second day the issue was subscribed by 30%.
The retail investors’ share was subscribed 34%, while the Qualified Institutional Buyers (QIB) portion received bids for 41%. Meanwhile, there was no interest from non-institutional investors, with only 9% membership seen.
Ruchi Soya is one of the leading fast-moving consumer goods (FMCG) brands in the Indian edible oil sector and one of the largest manufacturers of soy foods. Ruchi Soya is bringing in an FPO to reduce the stake of its promoters in the company. Ruchi Soya plans to use Rs 3,300 crore to repay the loan. Patanjali acquired Ruchi Soya through insolvency process in 2019 for Rs 4,350 crore. At present, Patanjali Group holds about 98.9% stake in Ruchi Soya.