Rajkotupdates.News : Ruchi Soya To Be Renamed Patanjali Foods Company Board Approves Stock Surges
In a BSE filing, Ruchi Soya, which Patanjali owns, disclosed that its board had approved a name change to Patanjali Foods Ltd. The gathering occurred on April 10.
“The Board of Directors has decided to change the company’s name to Patanjali Foods Limited or any other name approved by the Registrar of Companies, Maharashtra, Mumbai,” the company stated in its filing.
Rajkotupdates.News : Ruchi Soya To Be Renamed Patanjali Foods Company Board Approves Stock Surges
Ruchi Soya added that the board gave its in-principle approval to increase synergies with Patanjali Ayurveda Limited’s food portfolio in any way.
To increase synergies with Patanjali Ayurveda, the board also authorized company officials to negotiate, finalize, execute, and deliver the terms and conditions of the proposed transaction.
Related Article: Rajkotupdates.News : Ruchi Soya To Be Renamed Patanjali Foods Company Board Approves Stock Surges
A recent FPO by Ruchi Soya was oversubscribed by 3.6 times. It received bids for 17,56 crore equity shares on the final day, compared to the size of 4.89 crore equity shares. The retail quota comprised 35% of the issue and had a 90% subscription rate.
The oil and food products giant launched its FPO on March 24 to raise Rs 4,300 crore. The company set the price range for the public offering between Rs 615 and Rs 650.
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