Patanjali-owned Ruchi Soya stated, in a BSE filing, that its board approved the changing of the company name to Patanjali Foods Ltd. The meeting was held on April 10.
“The Board of Directors have decided to change the name of the company to Patanjali Foods Limited or any other name as may be made applicable by the Registrar of Companies, Maharashtra, Mumbai subject to all other applicable approval,” the company stated in the filing.
Ruchi Soya also stated that the board gave its in-principle approval to enhance synergies with Patanjali Ayurved Limited food portfolio in any manner on an arm’s length basis.
The board also authorised the officials of the company to negotiate, finalise, execute and deliver the terms and conditions of the proposed transaction to enhance synergies with Patanjali Ayurved.
Ruchi Soya’s recent FPO was oversubscribed 3.6 times. It received bids for 17.56 crore equity shares against the size of 4.89 crore equity shares on the final day. The retail quota, which constitutes 35 per cent of the issue, saw subscription of 90 per cent.
The oil-and-food-products major launched its FPO on March 24 to garner Rs 4,300 crore. The company fixed a price band of Rs 615-650 for the public offer.
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