Baba Ramdev-led Ruchi Soya Industries on Monday said it will evaluate the best way to amalgamate the food business of Patanjali Ayurved Limited with itself. Along with this, it has also been decided to change the name of the company to Patanjali Foods Limited.
Ruchi Soya’s FPO raises Rs 4,300 crore
Ruchi Soya recently raised Rs 4,300 crore through a follow-up public offering (FPO). Ruchi Soya told the stock exchange that the board members’ meeting held on Sunday gave in-principle approval to evaluate the best way to amalgamate the food business of Patanjali Ayurved Limited.
The Board authorized the officials of the Company to negotiate, finalize and conclude the terms and conditions of the proposed deal. The board has also decided to change the name of the company to Patanjali Foods Limited or any other.
Baba Ramdev had made this announcement
Baba Ramdev had announced last month that Patanjali Ayurved would merge its entire food business, Ruchi Soya, in the next few months. Patanjali Ayurved will work in the non-food, traditional medicine and wellness sectors. Patanjali Group had acquired Ruchi Soya in 2019 for Rs 4,350 crore through insolvency proceedings.
Ruchi Soya’s stock price rose by over 8 per cent after the board of Ruchi Soya approved the renaming of the company to Patanjali Food. Shares of Ruchi Soya Industries reached the level of Rs 999 on Monday. On Friday, the shares of Ruchi Soya closed at Rs 925. Baba Ramdev now plans to rename and rebrand Ruchi Soya’s brand.
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