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As Per : ruchi soya to be renamed patanjali foods company board approves stock surges

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About Ruchi SoyaAbout Ruchi Soya

Ruchi Soya is a company that distributes its products under a variety of brand names. Sjome of them are listed as Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star, and Ruchi Sunlight. Further, the company generates eco-friendly wind energy and cultivates oil palm plantations. Ruchi Soya Industries, in a board meeting held on Wednesday, May 18, has announced to change the name of the company. As per the board, Ruchi Soya Industries Limited will be renamed as Patanjali Foods.

Ruchi Soya Industries was again in the spotlight during early hours of Monday. It was rallying 8 per cent, as the company is looking to rename and rebrand itself. According to the latest regulatory filing, the company board has approved changing the company name. It may be Patanjali Foods Limited or any other name as may be made available by the Registrar of Companies.

Know About Ruchi soya to be renamed patanjali foods company board approves stock surges

As per, the following points can be noted related to the name change of Ruchi Soya to Patanjali Foods:

  • The company’s name has been changed from RUCHI SOYA INDUSTRIES LIMITED to PATANJALI FOODS LIMITED, with effect from 24th June 2022
  • The company submits the necessary paperwork for the name change to the Stock Exchanges.
  • Following the development, shares of Ruchi Soya Industries rallied more than 8 per cent to Rs 999 on Monday, before giving up some gains to Rs 988.80 at 9.35 am. The scrip settled at Rs 924.85 on Friday.
  • Edible oil major Ruchi Soya said that its board has decided to change the company’s name to Patanjali Foods Ltd.
  • In a regulatory statement released on Monday, the Patanjali-Ayurved backed firm also stated that the decision would be subject to getting approvals from the Registrar of Companies and others.
  • Ruchi Soya also said the board — at a meeting held on April 10 — accorded its in-principle approval for evaluating a “most efficient mode” to enhance synergies with Patanjali Ayurved Ltd and authorise company’s officials to “finalise” or “deliver” any such proposed transaction.

Who Purchassed Ruchi Soya?

Baba Ramdev’s Patanjali Ayurveda purchased Ruchi Soya in 2019 for ₹4,350 crore via an insolvency process. And also, the Patanjali Ayurved Ltd recently divested its retail food segment to its affiliate, Ruchi Soya Industries Ltd, for ₹690 crores. The Patanjali company wants to focus on its core businesses in non-food, traditional medicine, and wellness. Further, Ruchi Soya has successfully raised ₹4,300 crore in a follow-on public offering (FPO), primarily to settle outstanding debts. So, It’s share price NSE is quite lucrative at current position. Hope you have known relevant information about : ruchi soya to be renamed patanjali foods company board approves stock surges.

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