Ruchi Soya, Patanjali owned stated in a BSE filing, that the changing of the company name gets approval from its board meeting which was held on April 10. Ruchi Soya is now renamed Patanjali Foods Ltd.
"The Board of Directors has decided to alter the company's name to Patanjali Foods Limited or any other name as may be made appropriate by the Registrar of Companies, Maharashtra, and Mumbai subject to all other required clearance," the statement added.
Ruchi Soya also mentioned that its board gave the principal approval to boost synergies with Patanjali Ayurved Limited's food portfolio in any way on an arm's length basis.
The board also authorized corporate executives to negotiate, finalize, execute, and deliver the terms and details of the agreement transaction to maximize synergies with Patanjali Ayurved.
Ruchi Soya's most recent FPO was 3.6 times oversubscribed. On the last day, it got bids for 17.56 crore equity shares, compared to the size of 4.89 crore equity shares. The retail quota, which accounts for 35% of the offer, received a 90% subscription.
The oil-and-food-products conglomerate began its FPO on March 24 with a target of Rs 4,300 crore. For the public offering, the business set a price range of Rs 615-650.
Patanjali Ayurved (abbreviated Patanjali) is an Indian multinational corporation headquartered in Haridwar, India. Ramdev and Balkrishna launched it in 2006. Its office is in Delhi, while its production plants and headquarters are in the Haridwar industrial region. Cosmetics, Ayurvedic medicine, and food products are produced by the firm.
Balkrishna is the business's CEO, with a 94 percent shareholding; Ramdev refers to the company and takes strategic choices. The firm sells everything from hand sanitizer to meals and herbal toothpaste to ayurvedic medication.
Patanjali was one of India's fastest-growing FMCG firms in 2016, according to CLSA and HSBC. It was valued at 3,000 crores (about 37 billion rupees or US$480 million in 2020). Patanjali estimates its yearly revenue for the fiscal year 2016–17 at 10,216 crores (US$1.3 billion). According to research by India Infoline (IIFL), the success of Patanjali will have an impact on at least 13 publicly traded firms, including Hindustan Unilever, Colgate, Dabur, ITC, and Godrej Consumer Products.