Shares of Ruchi Soya Industries were locked at 5 percent lower circuit for the fifth consecutive session after succumbing to profit-booking following a 4,058 percent rise since relisting (till May 19).
The share had been locked in the upper circuit for 74 straight sessions prior to May 19's fall.
In July 2019, the NCLT accepted Patanjali Ayurved's Rs 4,350-crore bid to acquire Ruchi Soya. Under the resolution plan, the Baba Ramdev-led company transferred the amount to a special purpose vehicle 'Patanjali Consortium Adhigrahan Private Limited', which amalgamated with Ruchi Soya.
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Of the total, Rs 4,235 crore was to be used for settlement of claims of creditors, who accepted a 60 percent haircut, and the balance of Rs 115 crore was to be used for capital expenditure and working capital requirements of Ruchi Soya. Till December 31, 2019, Rs 4,005 crore had been paid to the creditors.
Post-acquisition, Patanjali reduced the equity capital of Ruchi soya from Rs 66.82 crores to Rs 66.82 lakh. This change resulted in reducing the number of shares held by an investor in the ratio of 100:1.
The Patanjali group further infused equity capital of Rs 204.75 crore at par value and Rs 3,233.36 crore as debt.
Following the restructuring, the public holing came down from 84.47 percent on September 19 to 1.13 percent in December 2019. Meanwhile, promoter holding increased from 15.53 percent to 98.87 percent.
The stock was delisted from the bourses on November 13, 2019, and the last traded price was Rs 3.35.
It was relisted on the bourses on January 27 at Rs 17 a share.
Separately, Brickwork RatingsIndia on May 23 assigned the company's long term and short term ratings for the Bank loan facilities aggregating Rs 3295.25 crores to BBB+/stable and A3+, respectively.
Ruchi Soya is one of the largest manufacturers of edible oil in India.
Currently, the scrip is trading under trade-to-trade or ‘T’ segment. Each share purchased under this segment has to be taken in delivery by paying the full amount. In other words, the share cannot be traded on an intraday basis.
At 9:20 hrs, Ruchi Soya was quoting Rs 542.70 down 5 percent, or Rs 28.55, on the BSE
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