MUMBAI : Edible oil producer Ruchi Soya Industries Ltd, owned by Ramdev’s Patanjali Ayurved group, is planning to sell fresh shares through a follow-on public offer (FPO) to cut promoter shareholding as mandated by the markets regulator, said two people aware of the development. The process resulted in Patanjali owning 98.9% of the company, leaving very little public float in the stock market. Investment banks SBI Capital, ICICI Securities and Axis Capital are advising them on the transaction," said one of the people cited above, requesting anonymity. The proposed sale is likely to see the company issue fresh shares worth ₹3,000-4,000 crore, said the second person. “The public float is very low, so the stock price soared post relisting of the company after it came out of the bankruptcy resolution process.

Source: Mint May 26, 2021 18:45 UTC