Ruchi Soya FPO: The stock of Ruchi Soya Industriesbacked by Baba Ramdev, started trading at the Bombay Stock Exchange, or BSE, on Friday, April 9. Ahead of the opening of the markets, the yoga guru visited the BSE in a customary move and recalled the journey of Ruchi Soya to the Dalal Streets.
Ramdev also delved into his personal journey from ringing the bells of temples to ringing the bell at the BSE ahead of the listing. “I used to see the stock exchange on the television before. The bells that ring here are an indication of India’s economic achievements. This is the ring of India’s ‘Aatmanirbharta’ (self-reliance), our achievement of carrying forward the economic legacy and making it bigger at present,” he said.
Ramdev recalled how people were skeptical about Ruchi Soya’s FPO and questioned whether there will be enough investors. “This is the first time in India’s 147-year-old history that a sadhu (saint) has come and rang the bells of flourishing economies,” he said.
“Our purpose is to help prosper people, With this purpose had started health for all, wealth for all. People said if you want to work , make co debt free, zero working capital. But what I understood was: Udhaar me lo, Nakad me do (Take loans but give the cash),” the yoga guru said during the listing of Ruchi Soya FPO.
“We will use raised money to pay back all loans. We have the vision of self-sustainability for India in palm plantation” he said, while revealing how his journey to the stock market today was a dream come true. He said it was his job not to sell to people, but to distribute quality goods in a cheap price to promote growth — something he is doing with Ruchi Soya.
The stock of Ruchi Soya Industries climbed to Rs 883 on the BSE in Friday’s intra-day trade, up by 8 per cent. The company’s 66.15 million equity shares allotted in a follow-on-public offering (FPO) started trading on the markets on the day after it opened with a gain of 3.8 per cent at Rs 850 against the previous close of Rs 818.85 on BSE.
Objectives for the fresh issue are repayment/prepayment of Rs 2,664 crore of borrowings, funding of incremental working capital requirements of Rs 593 crore and remaining amount will be used for general corporate purposes.
Ruchi Soya Industries Ltd. (RSIL) is a diversified FMCG and FMHG focused company, with strategically located manufacturing facilities and well recognised brands having pan India presence.
RSIL is one of the largest FMCG companies in the Indian edible oil sector and one of the largest fully integrated edible oil refining companies in India. The company is a part of the Patanjali group, one of India’s leading FMCG, health
and wellness company, backed by Baba Ramdev.
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