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The follow-on public offer (FPO) of Baba Ramdev-led Ruchi Soya Industries has been subscribed 3.6 times on the final day of bidding. The company received bids for 17.56 crore equity shares against the issue size of 4.89 crore equity shares.
The retail quota of Ruchi Soya's FPO comprised 35 per cent of the issue, which has been subscribed 88 per cent. Fifty per cent of the issue was reserved for qualified institutional buyers (QIB) and 15 per cent for non-institutional buyers.
The quota of qualified institutional buyers was subscribed 2.2 times while the non-institutional one was subscribed 11.75 times.
Of the total of 10,000 shares reserved for the company employees, bids have been received for 78,708 equity shares.
Ruchi Soya FPO aims to raise ₹4,300 crore through the FPO route. It has already raised ₹1,290 crore via the anchor book. The price band for the issue, which opened on March 24 and closed today, has been fixed at ₹615 to ₹650 per share.
Ruchi Soya was subscribed by 12 per cent on the first day of the issue, and on day 2, the issue was subscribed to 30 per cent.
Also read: Ruchi Soya FPO price at discount
About Ruchi Soya:-
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 an insolvency process. Currently, Patanjali Group owns about 98.9% stake in Ruchi Soya.
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