Ruchi Soya Industries fell 8.81% to Rs 915.95 after the company said it fixed a price band at Rs 615 to Rs 650 per share for its follow-on public offer (FPO).
The lower end of the price band is at 38.77% discount to the stock's last closing price of Rs 1004.45 on the BSE.The company's FPO will open for subscription on Thursday, 24 March 2022, and it will close on Monday, 28 March 2022.
The FPO consists of fresh issuance of equity shares for an amount aggregating to Rs 4,300 crore. It includes a reservation of up to 10,000 equity shares for subscription by eligible employees.
Anchor investors will be allowed to participate one day prior to the bid/issue opening date, i.e. Wednesday, 23 March 2022.
The issue is being made through the book building process. Qualified institutional buyers will be allowed to bid not more than 50% of the offer. A minimum of 15% of the FPO will be reserved for non-institutional bidders and not less than 35% of the offer shall be available for allocation to retail individual bidders.
Ruchi Soya is recognized amongst the largest branded oil packaged food company. Its 'Ruchi Gold' brand has a market leadership position, on account of being India's highest selling palm oil brand and also the pioneers and largest manufacturers of soya foods in India under the brand name of 'Nutrela'. It has launched its nutraceuticals under the joint branding of 'Patanjali and Nutrela'.
Net profit of Ruchi Soya Industries rose 2.92% to Rs 234.07 crore on 40.65% rise in net sales to Rs 6280.46 crore in Q3 December 2021 over Q3 December 2020.
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