Patanjali-backed FMCG company Ruchi Soya Industries mobilised Rs 1,290 crore from 46 anchor investors on March 23, ahead of its follow-on public offering (FPO). The offer will open for public subscription on March 24.
The FPO is going to be only a fresh issuance of equity shares to public investors without any offer for sale component.
The company in its BSE filing said it has finalised allocation of more than 1.98 crore equity shares to 46 anchor investors, at issue price of Rs 650 per share, the higher end of price band. "Of the total allocation, 41.91 lakh equity were allocated to four domestic mutual funds through a total of 24 schemes."
Investors who participated in the offer included Aditya Birla Sun Life Trustee, AG Dynamics Funds, Alchemy India, ASK MF, Authum Investment, Belgrave Investment Fund, BNP Paribas Arbitrage, Cohesion MK Best Ideas, HDFC Life Insurance, Kotak MF, NPS Trust, Quant MF, SBI Life Insurance, Societe Generale, UPS Group TRUST, UTI MF, Volrado Venture Partners, and Winro Commercial.
The price band for the offer has been fixed at Rs 615-650 per share. The offer will close on March 28.
Ruchi Soya is among the largest branded oil packaged food company with a strong portfolio of brands of cooking oils under categories such as palm, soybean, mustard, sunflower, cottonseed etc. Its 'Ruchi Gold' brand has a market leadership position.
It is also one of the largest manufacturers of soya foods in India under the brand name of 'Nutrela'. It has expanded its packaged food portfolio by acquiring the 'Patanjali' product portfolio of biscuits, cookies, rusks, noodles, and breakfast cereals.
The company is planning to raise as much as Rs 4,300 crore through its FPO.
The net FPO proceeds will be utilised for repaying debts, working capital requirements and other general corporate purposes.
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