Having raised Rs 1,290 crore from anchor investors a day ago, Ruchi Soya owned by Yoga Guru Ramdev’s Patanjali Ayurved has hit capital market on Thursday, to raise Rs 4,300 crore through its follow-on public offer (FPO).

Aiming to become a debt-free company, Ruchi Soya would utilise the proceeds of FPO to retire the term loan of Rs 3,300 crore by first week of April, 2022, asserted Swami Ramdev during a press conference at Speaker’s Hall of the Constitution Club in New Delhi on Thursday.

Notably, the price band has been fixed at Rs 615 to Rs 650 per share and the issue closes on March 28, 2022.

Mentioning about the company having already raised Rs 1,290 crore from anchor investors on Wednesday while addressing the press conference, the Yoga Guru expressed confidence that its FPO would be a huge success as people have faith in its products and the brand. Ramdev pointed out that the company has launched its FPO despite volatility in the stock market consequent to the ongoing war between Russia and Ukraine.

He termed the Rs 1,290 crore raised by anchor investors from total 46 identities as a good “Bohani”. Saying it has not been fair paying an interest of Rs 1 crore every day on the term loan of the company; Ramdev said, the proceeds of the FPO shall be used to retire this term loan of Rs 3,300 crore and make the company debt-free by beginning of April. On a question frequently being asked about the lower than the market prices of the band, Ramdev said it was done with vision of giving good returns to the investors of the company.

Noting that they have turnaround Ruchi Soya into profit making company after acquiring it through insolvency proceedings, Ramdev blamed it on the mistakes committed by the previous management of the company. Also thanking the previous management for making mistakes and thereby giving them opportunity to acquire it, he underlined that the company is now being run with transparency, accountability and corporate governance.

Mentioning that after successful re-listing of the company, the group-management is further planning to list Patanjali Ayurved and other entities like the Divya Pharmacy as well.