Ruchi Soya rebranding as Patanjali Foods
Will evaluate merger of Patanjali Ayurved's food portfolio with itself
Patanjali Foods hits new 52-week high
New Delhi: Baba Ramdev's Ruchi Soya Industries on Monday said it will evaluate the most efficient mode to merge Patanjali Ayurved Ltd's food portfolio with itself and has also decided to change the name of the company to Patanjali Foods Ltd.
Ruchi Soya has recently raised Rs 4,300 crore through its Follow-on Public Offer (FPO). In a regulatory filing, Ruchi Soya informed that the board, in its meeting held on Sunday, "accorded its in-principle approval for evaluating the most efficient mode of enhancing synergies with the Patanjali Ayurved Ltd food portfolio in any manner on an arm's length basis." It also authorised officials of the company to negotiate, finalise, execute and deliver the terms and conditions of the proposed transaction. The board has also decided to change the name of the company to Patanjali Foods Ltd or any other name as may be made available by Registrar of Companies.
Last month, Baba Ramdev had announced that: "In the next few months, Patanjali Ayurved will transfer all food business to Ruchi Soya. Patanjali Ayurved would operate in non-food, traditional medicine and wellness space." Ramdev had said Ruchi Soya would focus on four business verticals - edible oil, food and FMCG, nutraceuticals and oil palm plantation.
