News Wrap: Ruchi Soya To Acquire Patanjali Retails Foods; All About Ethos IPO; Apple Under Investigation; India's Economy Is Recovering
May 18, 2022
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BSE Sensex was down by 109.94 points (0.20%), with a closing price of 54,208.53
Nifty 50 plunged by 19.00 points (0.12%), closing price landed at 16,240.30
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Ruchi Soya To Buy Patanjali’s Retail Food Business
Ruchi Soya has agreed to purchase Patanjali Ayurved Limited (PALfood )'s retail business undertaking, which includes the manufacturing, packaging, labelling, and retail trading of certain food products, which includes manufacturing plants in Padartha, Haridwar, and Newasa, Maharashtra, subject to shareholder and other authority approval.
On a slump sale basis, the transaction is valued at Rs 690 crore, with an estimated completion date of July 15, 2022. Following the acquisition, the name of Ruchi Soya would be changed to Patanjali Foods.
Ruchi Soya announced that its board of directors has resolved to change the company's name from "Ruchi Soya Industries Limited" to "Patanjali Foods Limited," pending legislative and regulatory clearance. Ruchi Soya's stock was up 3% to 1,116 in afternoon trading.
Ethos IPO Debuts Today!
Ethos, a luxury watch retailer located in Chandigarh, will launch its initial public offering (IPO) on May 18 and 20. The Ethos IPO has valued at Rs 472 crore and includes a fresh issue of equity shares worth Rs 375 crore as well as an offer for sale (OFS) of up to 11.08 lakh equity shares by the company's promoters and shareholders.
The offer's price range has been set at Rs 836-878 per equity share with a face value of Rs 10 apiece. Following the offering, the promoters' shareholding in the firm would drop 19.36 per cent to 61.65 per cent, down from their existing 81.01 per cent stake.
The brokerages are confident about the company's future prospects, citing the substantial Indian watch market, which is expected to reach Rs 13,500 crore in FY 2020. On the basis of many reasons including improved brand awareness, more buying power, digitisation, and rising urbanisation, it is predicted to rise at a 10.6% CAGR during FY20-25 to reach Rs 22,300 crore.
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