New Delhi: Shares of Ruchi Soya continued to surge for a second day on Tuesday as the company will hit the capital market with its follow-on public offer (FPO) on March 24 to raise up to Rs 4,300 crore.
The stock rallied 13.10 per cent to settle at Rs 1,090.70 on BSE. During the day, it zoomed 18.20 per cent to Rs 1,139.95.
On NSE, it jumped 12.78 per cent to close at Rs 1,087. Shares of Ruchi Soya on Monday also rallied 20 per cent.
In a regulatory filing late on Friday, Ruchi Soya said a committee of the board has approved and adopted the red herring prospectus.
It also approved the bid/issue opening date of March 24, 2022, and closing date of March 28, 2022.
In August last year, the company had received capital markets regulator Sebi’s go-ahead to launch the FPO. It had filed the draft red herring prospectus (DRHP) in June 2021.
The company is coming out with the public issue to meet Sebi’s norm of minimum public shareholding of 25 per cent in a listed entity.
As per the DRHP, Ruchi Soya will utilise the entire issue proceeds for furthering the company’s business by repayment of certain outstanding loans, meeting its incremental working capital requirements and for other general corporate purposes.
In 2019, Patanjali acquired Ruchi Soya through an insolvency process for Rs 4,350 crore.
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