Share Market Live

NSE

Shares of Patanjali-owned Ruchi Soya Ltd gained as much as 8 percent on Monday as the company is looking to rename and rebrand itself. The company's Board of Directors also gave its in-principle approval to evaluate the most efficient mode of enhancing synergies with the Patanjali food portfolio in any manner on an arm's length basis.

At 1 pm, shares of Ruchi Soya were trading at Rs 973.60, up 48.75 points, or 5.27 percent higher on the BSE.

The stock opened 5 percent higher at Rs 974 against the previous close of Rs 924.85. The market cap of the company rose to Rs 35,109.88 crore on BSE.

Also Read:

Patanjali's entire food portfolio to be added to Ruchi Soya; brands not to merge

Sanjeev Asthana, CEO of Ruchi Soya, said that the plan is to bring Patanjali's entire food portfolio into the company. He, however, clarified that the brands will remain separate. Additionally, there is no intention of bringing Patanjali's non-food business, he said.

According to market expert Prakash Diwan said, "It's a stock that you will have to keep in your portfolio till all the news gets digested, all the changes that are underway, start getting included in the company's reset. So it's a company that is morphing very dramatically and it's been a wonderful opportunity for people to participate as well. But you will have to have a longer-term horizon, there is nothing which is going to happen just from a tactical perspective."

On Friday, Edible oil major Ruchi Soya said it has repaid Rs 2,925 crore loans to banks and has become a debt-free company. Baba Ramdev's Patanjali Ayurved-led Ruchi Soya has recently raised Rs 4,300 crore through its follow-on public offer, and the part of the proceeds has been utilised to repay the debt.

Also Read: Patanjali Ayurved-led Ruchi Soya repays entire loans of Rs 2,925 crore

Acharya Balkrishna, MD of Patanjali Ayurved Ltd, tweeted that Ruchi Soya has become debt-free. In its draft red herring prospectus, the company had mentioned that it would repay a loan of around Rs 1,950 crore to the lenders, a company spokesperson said.

However, the company has decided to repay the entire debt amount of Rs 2,925 crore to its lenders.

Catch all the live market updates here

(Edited by : Akanksha Upadhyay)

First Published:Apr 11, 2022 1:25 PM IST