Ruchi Soya’s last day to subscribe to the FPO (Follow on pubic offer) is today March 28. The Patanjali Group subsidiary has so far received a tepid response from the investors.
Ruchi Soya, which hit the capital market on Thursday, March 28, has planned to raise ₹4,300 crore through the FPO route.
The issue closes on March 28. The price band has been fixed at ₹615 to ₹650 per share.
The retail investors part was subscribed 34%, while the Qualified Institutional Buyers (QIB) part received bids for 41%. Meanwhile, there was no interest from the non-institutional investors, the part which has seen just 9% subscription.
Overall, the Ruchi Soya FPO got bids for 1.52 crore equity shares against an offer size of 4.89 crore shares.
Ruchi Soya is one of the leading fast-moving consumer goods (FMCG) brands in the Indian edible oil sector and also one of the largest manufacturers of soya foods. Ruchi Soya is going for an FPO to reduce its promoters’ shareholding in the company. Ruchi Soya has plans to use ₹3,300 crore to repay the debts. Patanjali acquired Ruchi Soya for ₹4,350 crore in 2019 via insolvency process. Currently, Patanjali Group owns about 98.9% stake in Ruchi Soya.