Ruchi Soya FPO: stock of Ruchi Soya IndustriesBacked by Baba Ramdev, began trading on the Bombay Stock Exchange, or BSE, on Friday, 9 April. Before the markets opened, the yoga guru visited the BSE in a customary move and recalled the journey of Ruchi Soya. Dalal Streets.
Ramdev also reflected on his personal journey from ringing temple bells on BSE to ringing bells on BSE before listing. “I used to watch stock exchanges on television earlier. The bells ringing here are a sign of India’s economic achievements. This is India’s ring of ‘Atmanirbhar Bharat’ (self-reliance), our achievement to carry forward the economic legacy and make it bigger in the present.”
Ramdev recalled how people were skeptical about Ruchi Soya’s FPO and questioned whether there would be enough investors. “It is for the first time in the 147-year-old history of India that a sadhu (saint) has come and rang the bells of thriving economies,” he said.
“Our aim is to help the rich, for this purpose we started health for all, wealth for all. People said that if you want to work, then make co-debt free, zero working capital. But what I understood was: bord mein lo, nakad mein karo (take loan but give cash),” the yoga guru said during the listing of the Ruchi Soya FPO.
“We will use the money raised to pay off all the loans. We have a vision of self-reliance for India in palm plantation.” He explained how his journey in the stock market today was like a dream come true. He added that it was his job to distribute quality goods, not to sell to the people. Cheaper to fuel growth – something he is doing with Ruchi Soya.
In Friday’s intra-day trade, the stock of Ruchi Soya Industries rose 8 per cent to Rs 883 on the BSE. 66.15 million equity shares of the company allotted in the follow-on public offering (FPO) started trading in the markets a day after opening at Rs 850, up 3.8 per cent from the previous close of Rs 818.85 on the BSE.
The new issue is aimed at repayment/prepayment of borrowings of Rs 2,664 crore, financing incremental working capital requirements of Rs 593 crore and the balance amount to be used for general corporate purposes.
Ruchi Soya Industries Limited (RSIL) is a diversified FMCG and FMHG focused company, with strategically located manufacturing facilities and renowned brands having pan India presence.
RSIL is one of the largest FMCG companies in the Indian edible oil sector and one of the largest fully integrated edible oil refining companies in India. The company is a part of Patanjali Group, one of India’s leading FMCG, Health
and wellness company, backed by Baba Ramdev.
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