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Why Baba Ramdev's Patanjali Is Selling Stake In Ruchi Soya?
Ruchi Soya stated in a regulatory filing that the issue committee formed and authorized by its board has approved raising funds through a further public offering of the company's equity shares. The panel also authorized the filing of the DRHP dated June 12, 2021, with Sebi and two stock exchanges, BSE Limited and the National Stock Exchange of India Limited.
Ruchi Soya's main businesses include oilseed processing, refining crude edible oil for use as cooking oil, and producing soya products and value-added products. With a farm to fork business model, the company has an integrated value chain in the palm and soya divisions. Mahakosh, Sunrich, Ruchi Gold, and Nutrela are some of the company's brands.
According to BSE data, 99.97 percent of Ruchi Soya promoter shares are encumbered. Patanjali's stake in the edible oil business will drop to 89 percent after the share sale.
Why Patanjali Is Selling Stake In Ruchi Soya?
According to two people familiar with the situation, edible oil company Ruchi Soya Industries Ltd, which is owned by Ramdev's Patanjali Ayurved group, is planning to sell fresh shares via a follow-on public offer (FPO) to reduce promoter shareholding as required by the markets regulator.
Patanjali may sell a Rs 4,300 crore stake in Ruchi Soya Industries to meet minimum shareholding requirements and pay down debt. Patanjali is required by the Securities and Exchange Board of India (SEBI) to reduce its stake in the company to less than 90% after 18 months of taking over and to less than 75% within three years.
Patanjali's share sale plan comes less than a month after Ruchi Soya announced a related-party transaction to buy Patanjali Natural Biscuits Pvtbusiness .'s of producing, packing, and labeling biscuits, cookies, rusk, and other bakery products.
For the fiscal year ending March 2021, Ruchi Soya recorded revenue of Rs 13,118 crore and profit after tax of Rs 7,709 crore. Its income from operations was Rs 12,729 crore and profit after tax was Rs 27.8 crore a year ago.
Ruchi Soya's stock was trading at 1,249 per share, down by 1.17% at 11.55 am on the BSE. The company's market value is currently nearing 36,800 crore.
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