FMCG major Ruchi Soya Industries Limited's follow-on public offer (FPO) hit the Indian share market on Friday.
The FPO has opened at Rs 855 a share, with a premium of Rs 205 over the issue price. Yoga Guru Ramdev, Acharya Balkrishna and others were present at the FPO listing ceremony at the Bombay Stock Exchange.
Ramdev-led Patanjali Ayurved owned Ruchi Soya had approved the allotment of 6,61,53,846 equity shares for an amount aggregating to Rs 4,300 crore pursuant to the FPO.
The issue was open from March 24-28.
Notably, in a rare move, the Securities and Exchange Board of India (SEBI), on March 28, had asked the bankers of Ruchi Soya to give an option to investors in its FPO to withdraw their bids while also cautioning them about the "circulation of unsolicited SMS" about the share sale.
Therefore, while the FPO was closed on March 28, the withdrawal window till March 30, following which nearly 97 lakh bids were withdrawn by FPO investors.
On Wednesday, the company's share plummeted by nearly 9 per cent.Ruchi Soya has a strong portfolio of brands in various types of cooking oils under categories such as palm, soybean, mustard, sunflower, cottonseed etc. with robust brands portfolio of "Ruchi Gold", "Mahakosh", "Sunrich", Ruchi Star and Ruchi Sunlight.
Its 'Ruchi Gold' brand has a market leadership position, on account of being India's highest-selling palm oil brand, the company said.
Ruchi Soya is the pioneer and largest manufacturer of soya foods in India under the brand name of "Nutrela". Ruchi Soya has expanded its packaged food portfolio by acquiring the 'Patanjali' product portfolio of biscuits, cookies, rusks, noodles, and breakfast cereals and is a part of the Patanjali group. In the past year, Ruchi Soya also forayed into the niche and high growth FMHG segment with the launch of its Nutraceuticals products on the back of a decade of research by the Patanjali Group.
( With inputs from ANI )
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