Ruchi Soya Industries, a part of the Patanjali Group, has fixed a price band of Rs 615 to Rs 650 per share for its follow-on public offer, which will open on March 24.
The offering comprises of a fresh issuance of equity shares for an amount totalling Rs 4,300 crore.
The company plans to use the offer proceeds primarily to make the company debt-free and thereafter for corporate purposes. Currently, the company has a debt of Rs 3,300 crore.
The company, which was acquired by Baba Ramdev's Patanjali Group through the National Company Law Tribunal (NCLT), is among the largest branded oil packaged food company of the country with brands like Ruchi Gold, Mahakosh, Sunrich, Ruchi Star & Ruchi Sunlight along with soya foods under the 'Nutrela' brand.
Addressing the media while announcing the FPO, Baba Ramdev said that the endeavour is to make the Indian company a global brand.
"Ruchi Soya is no more just a commodity company. It has FMCG, food business and nutraceutical among other verticals," said Ramdev while adding that the company would focus on rural distribution in India along with strengthening global reach.
"We will address both masses and classes," he said.
SBI Capital Markets, Axis Capital and ICICI Securities are the investment bankers managing the issue.
The follow-on public offer will close for bidding on March 28.