Ruchi Soy FPO: Shares of Ruchi Soya Industries, backed by Baba Ramdev, began trading on the Bombay Stock Exchange, or BSE, on Friday, April 9. Before the opening of the markets, the yoga guru visited the BSE in a customary manner and remembered Ruchi Soya’s journey to the Dalal streets.
Ramdev also delved into his personal journey from ringing the bells of temples to ringing the bell at the BSE prior to the list. “I used to watch the fair on television. The bells tolling here are an indication of India’s economic performance. This is the ring of India’s ‘Aatmanirbharta’ (self-reliance), our achievement to continue and enlarge the economic legacy at this time,” he said.
Ramdev recalled how people were skeptical about Ruchi Soya’s FPO and wondered if there will be enough investors. “This is the first time in India’s 147-year history that a sadhu (saint) has come to ring the bells of booming economies,” he said.
“Our goal is to help people help wealthy people. With this aim health had begun for all, wealth for all. People said if you want to work, you have to be co-debt free, not working capital. But what I understood was: Udhaar me lo, Nakad me do (borrow loans but give the money),’ said the yoga guru during the listing of Ruchi Soya FPO.
“We will use the money raised to repay all loans. We have the vision of self-sufficiency for India in palm plantations,” he said, revealing how his journey to the stock market today was a dream come true. He said his job was not to sell to people, but to distribute quality goods at a cheap price to promote growth – something he does with Ruchi Soya.
Ruchi Soya Industries’ stock climbed to Rs 883 on the BSE in Friday’s intra-day trading, up 8 percent. The company’s 66.15 million shares allotted in a follow-on public offering (FPO) began trading in the markets the day after it opened with a gain of 3.8 percent against Rs 850 against the previous closing of Rs 818.85 on BSE.
Objectives for the new issuance are repayment/prepayment of Rs 2,664 crore in loans, financing of incremental working capital requirements of Rs 593 crore and the remaining amount will be used for general corporate purposes.
Ruchi Soya Industries Ltd. (RSIL) is a diversified FMCG and FMHG focused company, with strategically located manufacturing facilities and well-known brands present across India.
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 part of Patanjali group, one of the leading FMCG healthcare in India
and wellness company, supported by Baba Ramdev.
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