Stock Market Update: Ruchi Soya stock hits 20% upper circuit ahead of FPO launch

New Delhi:

After it announced that it will launch its follow-on public offer (FPO) worth Rs 4,300 crore on March 24, shares of Ruchi Soya hit the 20 per cent upper trading limit on Monday.

The company’s stock today traded at Rs 964, valuing the Patanjali Ayurveda-led firm at Rs 28,530 crore, according to Business Standard.

Ruchi Soya has stated that its FPO will remain open between March 24 and March 28. It is being launched to comply with the 25 per cent minimum public shareholding (MPS) requirement. 

Ruchi Soya’s current promoter shareholding is 98.9 per cent.

In June 2021, the company had filed its draft red herring prospectus (DRHP) and obtained Securities and Exchange Board of India’s (SEBI) approval in August 2021.

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