The ₹4,300 crore follow-on public offer (FPO) of Ruchi Soya Industries, which opened on Thursday, saw the issue subscribed 12 per cent. The company plans to sell nearly 7 crore shares through the FPO at a price band of ₹615-650.
The offer received bids for about 5.6 million shares against the offered 48.9 million equity shares (excluding anchor book), as per the 5 pm data available on the bourses.
The employee portion was subscribed the most with 1.76 times followed by retail investors with 0.21 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 0.03 times. Qualified institutional buyers portion was subscribed 0.01 times.
The minimum bid size has been fixed at 21 shares. Investors have to shell out ₹13,650 for a single lot of Ruchi Soya at the upper band. The issue also includes a reservation of up to 10,000 equity shares for subscriptions by eligible employees. The FPO closes on Monday.
The diversified FMCG and health products company had garnered ₹1,290 crore from anchor investors on Wednesday. It has allotted 1.98 crore shares to anchor investors at the upper end of the price band of ₹650 a share.
Among the foreign investors in the anchor book includes Societe Generale, BNP Paribas, The Sultanate of Oman —Ministry of Defence Pension Fund, Yas Takaful PJSC (an Abu Dhabi-based insurance company), MK Cohesion, UPS Group and Alchemy.
Domestic investors includes ASK Investments, Volrado Ventures, Kotak Mutual Fund, SBI Pension Fund, UTI Mutual Fund, Aditya Birla Sun Life Mutual Fund, Quant Mutual Fund, Winro Commercial, HDFC Life Insurance, SBI Life Insurance and Authum Investments.
Ruchi Soya plans to use ₹3,300 crore from the FPO to repay debt. It has reserved 10,000 equity shares for subscription by employees. Baba Ramdev’s Patanjali Group had acquired Ruchi Soya in 2019 for ₹4,350 crore through an insolvency process.