Shares of Ruchi Soya surged more than 5 per cent to Rs 973 apiece on the BSE in Monday’s early deals after a series of new announcements made by the edible oil manufacturer during the weekend. The stock has jumped over 21 per cent in a month amid the FPO listing.
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Ruchi Soya informed that its board, a meeting held on Sunday, gave in-principle approval for evaluating the most efficient mode of enhancing synergies with the Patanjali food portfolio in any manner on an arm’s length basis and authorizing officials of the company to negotiate, finalise, execute and deliver the terms and conditions of the proposed transaction.
Ruchi Soya’s board has also decided to change the company’s name to Patanjali Foods Limited or any other term, subject to applicable approvals.
Further, a part of the proceeds arising from Ruchi Soya FPO (follow-on public offer) has been utilised to repay debt. The Patanjali-backed company has repaid Rs 2,925 crore to a consortium of banks led by the government-owned State Bank of India (SBI). Ruchi Soya raised Rs 4,300 crore through FPO that was launched between March 24 to March 28 at a price band between Rs 615 to Rs 650 per share.
