New Delhi: Ruchi Soya, a leading producer of edible oils and food items, has been renamed “Patanjali Foods Limited” after its board of directors authorised the name change on Sunday, April 10.

Ruchi Soya, which is owned by Patanjali, announced in an exchange filing on Monday that its board of directors has approved the company's renaming. "The Board of Directors has resolved to alter the company's name to Patanjali Foods Limited or any other name as may be made appropriate by the Registrar of Companies,  Mumbai, Maharashtra subject to all other applicable authorization" the company said.

In addition, the board has given its in-principle consent to improve synergies with Patanjali Ayurved Limited's food range in any way at arm's length. To improve synergies with Patanjali Ayurved, the board additionally authorised corporate executives to negotiate, finalise, execute, and deliver the terms and conditions of the proposed transaction.

The announcement comes just two days after Ruchi Soya's follow-on public offering (FPO) was approved by the stock exchanges and listed on Friday. The counter reached a high of Rs 882.55, compared to its issue price of Rs 650, resulting in a 36 percent profit for investors who were granted shares in the public offering.

On the last day, the FPO was oversubscribed 3.6 times, with offers for 17.56 crore equity shares vs 4.89 crore equity shares. On March 24, the oil-and-food-products giant began its FPO with a target of Rs 4,300 crore.

Ruchi Soya rescheduled its board meeting on March 31 to fix price of FPO

Ruchi Soya FPO subscribed 3.6 times on final day, Details inside

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