Baba Ramdev-owned edible oil company Ruchi Soya has filed draft documents with SEBI for a follow-on public offer (FPO) of Rs 4,300 crore. This FPO is being brought for SEBI’s requirement of at least 25 percent public shareholding in the company. SEBI on Saturday filed its Red Herring Prospectus (DRHP) with SEBI to raise Rs 4,300 crore through the sale of its shares.
According to the prospectus, the promoters of Ruchi Soya will sell their 9 per cent stake. After the approval of SEBI, the FPO will probably come in the market in the next month. The promoters’ stake in Ruchi Soya currently stands at 98.90 per cent. As per Sebi’s listing rules, at least 25 per cent stake in listed companies has to be made public. The company still has three years to reduce the stake of the promoters. Baba Ramdev’s Patanjali Ayurved bought Ruchi Soya in 2019. It was listed on the stock exchange under the bankruptcy process of 4350 crores. The shares of Ruchi Soya had reached Rs 1530 only after the listing.
