Ramdev’s company Ruchi Soya is about to come up with its Rs 4300 crore FPO i.e. Follow on Public Offer. For which the draft red herring prospectus has also been filed by the company. According to which Ramdev’s brother and Balakrishna have given a person guarantee for the loan.
Yoga guru Ramdev’s company Ruchi Soya is about to come up with a follow on public offer of Rs 4,300 crore. DRHP has also been filed by the company for FPO. According to this filing, Baba Ramdev’s brother and Balakrishna have given a personal guarantee. This loan was taken by banks when Ruchi Soya was acquired by Patanjali. The debt is around Rs 3400 crore.
Ruchi Soya fiscal 2025 to 824 crore and fiscal 2029 the company in 1553 is back crore. The FPO loan of interest has also become necessary because as per SEBI norms, the promoter’s stake in any listed company should not exceed 75 per cent. Whereas at present the stake of the promoter is more than 98 per cent.
According to the data, the promoter of Ruchi Soya holds 98.90 per cent stake in the company . Which has to be brought to 75 percent in the next two to three years . Ruchi Soya was acquired by Patanjali in December 2019 for Rs 4350 crore. Before that, Ruchi Soya had a debt of about 9000 crores. On 4 September 2019 , the NCLT had given permission for its acquisition. After which the same banks gave a loan of Rs 3250 crore to Patanjali . After which the acquisition was made.
Those who gave loans to Patanjali include State Bank of India , Punjab National Bank , Union Bank of India , Canara Bank and Indian Bank. For which personal guarantee was given by Acharya Balkrishna , Baba Ramdev’s brother Ram Bharat and Snehlata Bharat. All three are individual promoters of the company. Let us tell you that Acharya Balkrishna holds 98.54 percent stake in the company .
This personal guarantee will be used when the company is unable to repay its debt. This decision was taken on the orders of the Supreme Court. In fact, the Supreme Court had said in its decision that if any company is unable to repay its debt within the stipulated time, then insolvency process can be invoked on it. However, this will be possible only if the promoters have given a personal guarantee. After the court order, if Ruchi Soya is unable to repay its loan, then the personal guarantee of the promoters will be used.
