New Delhi: The follow-on public offer (FPO) of edible oil maker Ruchi Soya is about to be launched. The FPO of Ruchi Soya, owned by yoga guru Baba Ramdev, will open on March 24. The company's effort is to raise Rs 4300 crore. Ruchi Soya, a subsidiary of Patanjali Ayurved, has given information in this regard in a regulatory filing on Friday. According to the filing, the company's board committee has approved the introduction of FPO between March 24 and March 28, 2022, that is, this FPO will open on March 24 and close on March 28.

Let us tell you that to bring FPO, the company had got approval from market regulator SEBI in August 2021 only last year. Ruchi Soya had filed a draft red herring prospectus for this in June 2021. The company is bringing this public issue to fulfill the provisions of SEBI, under which at least 25 percent shareholding in the listed company should be held by the public. According to the DRHP, Ruchi Soya will use the money raised through the FPO for debt servicing, meeting increased working capital requirements and other general corporate purposes.

Ruchi Soya was bought by Patanjali for Rs 4350 crore through insolvency process in the year 2019, about three years ago. Promoters currently hold 99 per cent stake in the company and need to reduce at least 9 per cent stake through this round of FPO. As per SEBI rules, the company has to raise the promoters' stake to a maximum of 75 per cent in three years. Let us tell you that Ruchi does the processing of soya oilseeds. Refines crude edible oils and manufactures soy products. Along with this, it does business of other value added products. Its business is under the brand names of Mahakosh, Sunrich, Ruchi Gold and Nutrila.

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