New Delhi: Ruchi Soya, an edible oil company of Patanjali Ayurveda, will make a follow-on public offer (FPO) next year. Baba Ramdev informed that it has been decided to bring a public offer to reduce the share of promoters in the company. Explain that Patanjali Ayurveda had acquired Ruchi Soya last year. Baba Ramdev hopes that the company will grow rapidly during the current financial year.
The share of promoters in Ruchi Soya is 99 percent
Patanjali had acquired Ruchi Soya for Rs 4,350 crore last year through Insolvency Process. Ruchi Soya is a listed company. At present, the share of promoters in the company is about 99 percent. According to the rules, they will have to reduce its stake in the company to 25 percent. Ramdev said that we are introducing FPO next year to reduce our stake.
In such a case, the promoters will reduce their share twice
An official of Patanjali said that the promoters have to reduce their share in Ruchi Soya by 10 percent by June 2021. After that, within 36 months, it will have to reduce its stake by a total of 25 percent. The company board has passed a resolution in this regard. However, Baba Ramdev did not give any information about the size of the public offer to be made next year. At present, 98.90 percent stake in the company is held by promoters and promoter groups and 1.10 percent by public shareholders, which has been approved by the National Company Law Tribunal (NCLT). The FPO will increase the stake of common investors in the company to 25 percent.
