Ruchi Soya FPO opens today; raises Rs 1,290 crore from anchor investors

Patanjali-backed FMCG company Ruchi Soya Industries is set to launch its follow-on public offering (FPO) today, i.e., Thursday, March 24, 2022.

It has fixed a price band of Rs 615-650 for this FPO. The company is planning to raise as much as Rs 4,300 crore through its FPO. The offer will close on March 28, 2022.

The FPO is going to be only a fresh issuance of equity shares to public investors without any offer for sale component. The net FPO proceeds will be utilised for repaying debts, working capital requirements and other general corporate purposes.

Besides, Ruchi Soya has raised Rs 1,290 crore at an issue price of Rs 650 per share from 46 anchor investors on March 23, 2022, a day ahead of its follow-on public offering (FPO) that will open on Thursday, March 24, 2022.

The company in its BSE filing said it has finalised allocation of more than 1.98 crore equity shares to 46 anchor investors, at an issue price of Rs 650 per share, the higher end of the price band. "Of the total allocation, 41.91 lakh equity were allocated to four domestic mutual funds through a total of 24 schemes."

Investors who participated in the offer include names like Aditya Birla Sun Life Trustee, ASK MF, Authum Investment, AG Dynamics Funds, Alchemy India, Belgrave Investment Fund, Kotak MF, NPS Trust, BNP Paribas Arbitrage, Cohesion MK Best Ideas, HDFC Life Insurance, Quant MF, SBI Life Insurance, Societe Generale, Volrado Venture Partners, UPS Group TRUST, UTI MF, and Winro Commercial.

Ruchi Soya Industries is the largest manufacturer of soya foods under the brand Nutrela. It is also one of the leading players in the edible oil business. Its 'Ruchi Gold' brand has a market leadership position. It has forayed into various business verticals with diverse product portfolios such as wheat flour, honey, biscuits, rusks and breakfast cereals and noodles, among others.