Ruchi Soya Seeks Approval From Shareholders To Raise Money

Ruchi Soya seeks approval from shareholders to raise Rs 10,000 crore; Money can be raised through these media including public issue, QIP.

Ruchi Soya has sought shareholders ‘permission to plan to raise Rs 10,000 crore through promoters’ stake sale through public issue, QIP, rights issue and offer for sale.

According to a notice issued in this regard, a recommendation has been sought to raise Rs 10,000 crore.

This can be in the promoter’s stake offer for sale, public issue, QIP and rights issue or any other form.

It is noteworthy that as per the solution scheme approved by NCLT, the promoters/promoter group holds a 98.90% stake in the company. At the same time, public shareholding is 1.10 percent.

According to the provisions of Rule No. 19A under the Securities Contracts (Regulation Rules, 1957),.

If the public shareholding in the company falls below 25 percent due to the implementation of the resolution scheme under the IBC, then such companies will have to pay the public shareholding within three years.

25 percent has to be brought. Similarly, if the public shareholding falls below 10 percent, then it is unavoidable to bring it to 10 percent in the maximum 18 months.

In such a case, the company will have to increase the public shareholding to comply with the provisions related to minimum public shareholding.

Yoga guru Ramdev, his brother Ram Bharat and close associate Acharya Balkrishna will join Ruchi Soya’s board. Patanjali Ayurved recently acquired Ruchi Soya.

Ruchi Soya Industries Limited has sought a shareholders’ recommendation through a notice to appoint 41-year-old Ram Bharat as the Managing Director of the company.

This notice states that Ram Bharat will be paid an annual salary of one crore rupees.

On the other hand, 48-year-old Balakrishna has once again been appointed as the chairman of the company. They will also be paid one crore rupees annually as salary.

In this notice, approval has also been sought for the appointment of Ramdev as a director in the company board.

Apart from these, Girish Kumar Ahuja, Gyan Sudha Mishra and Tajendra Mohan Bhasin have been appointed as independent directors on the company’s board.