Ruchi Soya Industries gained 1.71% to Rs 1,263.65 after the company said it has filed draft document with Sebi to launch a follow-on public offer (FPO).
Ruchi Soya filed the draft red herring prospectus (DRHP) with market regulator Sebi on Saturday, 12 June 2021. The FPO is being launched to meet the Sebi norm of minimum public shareholding of 25% in a listed entity.The media reported that the company plans to raise up to Rs 4,300 crore through the share sale and the promoters have to dilute a minimum 9% stake in this round of the FPO.
As of 31 March 2021, promoters of the company held 98.9% stake in the company. As per the Sebi listing rules, the company needs to bring down promoters' stake to achieve the minimum public shareholding of 25% in compliance with the listing requirement.
On a standalone basis, Ruchi Soya Industries' net profit tanked 97% to Rs 227.44 crore on a 20.3% surge in net sales to Rs 4,465.32 crore in Q3 FY21 over Q3 FY20. Ruchi Soya is one of the largest manufacturers of edible oil in India.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU