Business Desk: Baba Ramdev has made a big disclosure about Patanjali's IPO. He says that the company's IPO will not come this year, but a decision can be taken by the end of this financial year. He also said that nowadays he is meeting various institutional investors in connection with the follow-on public offer (FPO) of Ruchi Soya.
Baba Ramdev said in an interview with ETMarkets.com that we will take a decision soon regarding Patanjali's IPO. Will have to wait a bit for this. He said investors are showing good interest in the issue of Ruchi Soya. Its price will be decided keeping in mind the interests of all existing and potential shareholders. His plan is to turn the company into a large FFCG company.
Patanjali's turnover in
FY 2021 was more than Rs 30,000 crore. In this, the contribution of Ruchi Soya's sales was Rs 16,318 crore. Baba Ramdev-led Patanjali had bought the bankrupt company known for Nutrila Soya Chunk for Rs 4,350 crore in July 2019. The acquisition process was completed in 2019. On 27 January 2020, the company's stock was again listed on the stock exchanges at a price of Rs 17. On Tuesday, it closed at Rs 1,177.80.
The promoter stake in Ruchi Soya is 98.9 per cent and it has to reduce it to 75 per cent by December 2022. Baba Ramdev said that he aims to make the company debt free within two years. The company says that out of the amount received from the FPO, Rs 2,663 crore will be spent on debt servicing and Rs 593.4 crore on working capital. The rest of the amount will be used for general corporate purposes.