Ruchi Soya Will Be Renamed As Patanjali Foods

Ruchi Soya will be renamed as Patanjali Foods, company’s shares jump by about 6 percent.

Edible oil major Ruchi Soya will now be renamed Patanjali Foods Ltd. The Board has decided to change the name of Ruchi Soya to Patanjali Foods Limited.

After this decision, the shares of the company saw a jump of about 6 percent.

In a statement issued on Monday, the Patanjali-Ayurveda-backed firm said the decision would be subject to the approval of the Registrar of Companies and others.

Ruchi Soya also said that the board, in its meeting held on April 10, gave in-principle approval to enhance synergy with Patanjali Ayurved Limited and authorize the company’s executives to finalize or “distribute”.

Shares of Ruchi Soya rose over 5 percent to Rs 972.25 on the BSE in the morning hours. It jumped more than 8 percent. On NSE, it was trading at Rs 977.35 with a gain of 5.84 percent.

The stock had jumped 12.94 percent on Friday after its shares were listed as per the follow-on public offer (FPO).

6,61,53,846 equity shares of Rs 2 each of Ruchi Soya Industries are listed and admitted for trading on the Exchange with effect from Friday, April 08, 2022, said the BSE notice issued on Thursday.

Earlier, Ruchi Soya on Tuesday told the stock exchange that it has approved the allotment of 6,61,53,846 equity shares for a total amount of Rs 4,300 crore as per the FPO.

The company had fixed the FPO issue price at Rs 650 per share. This offer was open from March 24 to March 28.

However, markets regulator SEBI on March 28 had asked the bankers of Ramdev-led Patanjali Group’s Ruchi Soya to give investors an option to withdraw their bids in their FPOs.

Startup funding crossed $10 billion in the first quarter of the year, and 14 new unicorns created.

There have been 14 unicorns in the first three months of 2022 and over USD 10 billion in funding from 334 funding deals across the startup ecosystem for the third consecutive quarter.

This information has been given in an industry report. The startup ecosystem is growing rapidly.

According to a report by PwC India, the creation of 14 more unicorns takes the total number of startups with a valuation of over US$ 1 billion in the country to 84 now.