New Delhi: Yoga guru Baba Ramdev's Patanjali group company Ruchi Soya has issued its follow-on public offer (FPO). As of 1 pm on the first day of launch, the issaue was subscribed around 8 per cent. Of these, total applications came for 36,90,183 shares as against 4,89,46,260. The company plans to raise Rs 4,300 crore through this FPO.
During the FPO launch, yoga guru Ramdev said that there is volatility in the stock market due to Russia-Ukraine war. However, even after this, Ruchi Soya has decided to launch its own FPO, as people have faith in the company. According to Ramdev, the company is working on a debt-free plan through FPO. Let us inform that, more than Rs 1,290 crore has already been raised from anchor investors and the company feels that the FPO will also get a big success.
Explain that the price band of the FPO closing on March 28 has been fixed at Rs 615-650 per share. To this Ramdev said that the company wants to give higher returns to its customers, which is why the price band has been kept low. The yoga guru said, “We have changed it after acquiring Ruchi Soya through insolvency proceedings. The previous management made mistakes, due to which the company went bankrupt. We are running the company with transparency, accountability and corporate governance.
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