Stock exchanges NSE and BSE have freezed shares of promoters of Baba Ramdev-led Patanjali group firm Patanjali Foods, but the company said the decision will not have any impact on its functioning. Patanjali Foods Ltd, erstwhile Ruchi Soya Industries, on Thursday said the freezing of its promoters' shareholding in the company "will not have any impact" on its financial position and functioning of the company. On Thursday, Patanjali Foods Ltd (PFL) informed that leading bourses BSE and NSE had frozen shares of its 21 promoter entities, including Patanjali Ayurved for failing to meet minimum public shareholding norms.
Baba Ramdev-led Patanjali Ayurved-owned Ruchi Soya on Thursday hit the capital market to raise Rs 4,300 crore through its follow-on public offer (FPO) as it aims to become a debt-free company. The issue closes on March 28. The price band has been fixed at Rs 615 to Rs 650 per share. Addressing a press conference here, Ramdev said the company has launched its FPO despite volatility in the stock market because of the war between Russia and Ukraine.
The land acquisition, the consolidation process in Kot and a slew of other decisions by the Haryana government to open the hills to privatisation and commercial activity run contrary to court orders, environmentalists' demand, and at times the Union government's measures to protect the Aravalli hills, say Nitin Sethi & Kumar Sambhav Shrivastava.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Restricted by state government orders, the ownership of such land could not be formally registered, so the advances made continued to be reflected in the accounts as 'advances against land'.
The land transfer or subleasing would allow the Patanjali Group to set up the food processing facility and entitle it to other incentives under the central policy guidelines.
Baba Ramdev-led Patanjali Ayurved Ltd will sell its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
When agricultural holdings get fragmented over years, the state government has the power to step in and help farmers pool their land parcels for improving land productivity, after which the pooled land is divided up into larger plots. Instead of the fragments they hold, a farmer gets a single contiguous patch of an equal size. But, it is done only for agricultural holdings. In Kot village, however, the consolidation has been ordered for the entire village land, including the hilly forested commons, which are already pooled. This is not the first time that the Haryana government has attempted such a consolidation of Kot common lands.
The proposed facility would be entitled to various incentives under central and state policies.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
Baba Ramdev's Patanjali Ayurved is considering bidding for the title sponsorship of the upcoming Indian Premier League, according to a company official.
The complaint seeking registration of a first information report on cheating, criminal conspiracy and other charges was filed in the court of Chief Judicial Magistrate Mukesh Kumar here on Tuesday by Tamanna Hashmi, who identifies himself as a social worker and is often in news for his numerous court complaints against politicians over various issues.
The new IPL title sponsor to replace Chinese mobile phone company VIVO will hold the rights for only a four-and-a-half-month period and the highest bid may not necessarily end up being the winning one, the BCCI stated on Monday.
Stating that Art of Living (of Sri Sri Ravishankar) and Ramdev are doing good work, Gadkari asked them to start ayurvedic spas to give massages and ayurvedic treatment at these islands being opened up.
Swadeshi jeans will be entirely made of cotton with no addition of any kind of synthetic material
Beyond announcements and optics, key projects have hardly moved under the Yogi government, reports Virendra Singh Rawat.
Fifty-nine per cent of reserved tickets on Indian Railways are now booked online.
The man who owns close to 94 per cent of the shares of Patanjali Ayurved, an unlisted company, does not, however, take a salary or receive dividends.
Patanjali, to a large extent, has penetrated the target group for its products. As a result, increasing the consumer base and revenue by 100 per cent in FY18 will be a stiff challenge.
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