Edible oil maker Ruchi Soya has repaid bank loans worth Rs 2,925 crore. With this the company has become debt free. Baba Ramdev’s Patanjali Ayurved-led Ruchi Soya had recently raised Rs 4,300 crore through its FPO.
The company has used a part of this capital to pay off debt. Acharya Balkrishna, Managing Director of Patanjali Ayurved Limited, tweeted that Ruchi Soya has become debt free.
A company spokesperson said that in the documents submitted for the FPO, the company had stated that it would repay the debt of about Rs 1,950 crore. However, the company has decided to repay the entire loan amount of Rs 2,925 crore to its lenders.
Share price crosses 900: At the end of trading on Friday, the share price of Ruchi Soya was Rs 924.85, which is showing an increase of Rs 106 or about 13 per cent as compared to a day earlier. Clients who got Ruchi Soya shares through the FPO allotment process have received over 40 per cent premium.
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Explain that the company’s FPO was closed on March 28 and the price range for this was fixed at Rs 615 to 650 per share. The board of directors of the company had approved the issue price to be fixed at Rs 650 per share.