45239Landlords gain from rental yield increase, tenants’ budget gets spoiled!

Ruchi Soya Industries gained 1.71% to Rs 1,263.65 after the company said it has filed draft document with Sebi to launch a follow-on public offer (FPO).

Ruchi Soya filed the draft red herring prospectus (DRHP) with market regulator Sebi on Saturday, 12 June 2021. The FPO is being launched to meet the Sebi norm of minimum public shareholding of 25% in a listed entity.
The media reported that the company plans to raise up to Rs 4,300 crore through the share sale and the promoters have to dilute a minimum 9% stake in this round of the FPO.

As of 31 March 2021, promoters of the company held 98.9% stake in the company. As per the Sebi listing rules, the company needs to bring down promoters’ stake to achieve the minimum public shareholding of 25% in compliance with the listing requirement.

On a standalone basis, Ruchi Soya Industries’ net profit tanked 97% to Rs 227.44 crore on a 20.3% surge in net sales to Rs 4,465.32 crore in Q3 FY21 over Q3 FY20. Ruchi Soya is one of the largest manufacturers of edible oil in India.

Powered by Capital Market – Live News