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Relief for investors! Insurance behemoth LIC given 3-year time to achieve 10% public shareholding

Relief for investors! Insurance behemoth LIC given 3-year time to achieve 10% public shareholding



The Life Insurance Corporation of India (LIC), a state-owned insurance giant, has announced that it has received a three-year extension from the Securities and Exchange Board of India (Sebi) to comply with minimum public shareholding norms.
In a regulatory filing, LIC stated, “Pursuant to Regulation 30 of Listing Regulations, this is to inform that Securities and Exchange Board of India (“SEBI”) vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India (“the Corporation”) to achieve 10% public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, i.e., within a period of 5 years from the date of listing.”
According to an ET report, the new deadline for LIC to achieve 10% public shareholding is May 16, 2027.This news brings relief to investors as it postpones the possibility of a supply overhang resulting from a potential offer for sale (OFS) by the government to meet minimum public shareholding (MPS) norms. Consequently, LIC’s stock price rose 3% to the day’s high of Rs 962.
Also Read | India closes gap with China as weight in MSCI equity index hits record high; $2 billion inflows expected
According to Sebi regulations, all listed companies must maintain a 25% public float. However, newly-listed companies are given a three-year window to meet this requirement. For companies with a post-issue market capitalisation exceeding Rs 1 lakh crore, the timeline to comply with the 25% MPS rule is five years.
In December, the Finance Ministry had granted LIC an exemption from complying with the 25% MPS norms until 2032. Since then, the stock has been on an upward trajectory. The Indian government, through the President of India, holds a 96.5% stake in LIC.
In May 2022, the government sold a 3.5% stake in LIC through an IPO, which was entirely an offer for sale (OFS) worth approximately Rs 21,000 crore. It remains the largest IPO in India to date, but the initial investors have barely made any profits as the stock is trading only slightly higher than its issue price of Rs 949.
Over the past year, LIC shares have surged 69% due to various factors, including expectations of growth revival in FY25 and the possibility of a significant increase in dividends, which are expected to continue supporting its share price performance.
LIC is also the largest domestic institutional investor on Dalal Street, with its equity investments valued at over Rs 14 lakh crore at the end of the March quarter.

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Sebi asks AMCs to set up control systems to identify market manipulation



Capital markets regulator Sebi on Saturday proposed that asset management companies (AMCs) set up surveillance and internal control systems for the deterrence of possible market abuse and fraudulent transactions.


It further suggested that senior management of AMCs should be responsible to ensure that an institutional mechanism is put in place to detect and report possible misconduct by its employees, dealers, stock brokers or any other connected entities.


Further, AMCs should have appropriate escalation and reporting mechanism for possible market abuse and fraudulent transactions in securities related to the AMCs’ transactions, Sebi said in its consultation paper.


This comes in the wake of Sebi passing orders in two instances of front-running pertaining to Axis AMC and Life Insurance Corporation of India (LIC).


In the Axis AMC case, broker- dealers, certain employees and connected entities were found to have front-run the trades of the AMC and in the case of LIC, an employee of a listed insurance company was observed to be front-running the trades of the company.


The Securities and Exchange Board of India (Sebi) has sought comments from the public by June 3 on the proposals.


In its draft paper, Sebi proposed that AMCs should put in place robust surveillance systems and internal control procedures, to deter possible misconduct by employees or other entities which may have information relating to fund management and/or investments of mutual fund schemes.


AMCs should customize their surveillance systems and internal control procedures including alert types, parameters and thresholds based on back testing of historical data to ensure their effectiveness.


In order to determine the likelihood of misconduct, AMCs shall process system-driven alerts in conjunction with soft alerts such as lifestyle checks, recording of communication such as recorded emails, chats and CCTV footage etc.


With regard to taking action in case of possible misconduct, Sebi suggested that AMCs should have a documented policy on types of actions to be taken based on likelihood of wrongdoing and other relevant factors.


Further, the terms of employment/ contract should also clearly specify the actions that may be taken by the AMCs in the case of possible misconduct by the employees of AMCs and connected entities.


Sebi suggested that AMCs should submit Action Taken Report, on actionable alerts at the level of AMCs, to the board of directors of AMCs, trustees of mutual funds and to the market regulator on a periodic basis.


“Escalation processes shall be documented in the SOP (Standard Operation Procedure) and appropriately implemented so as to keep board of directors of AMCs and trustees of mutual funds apprised of status of compliance with the proposed framework,” Sebi said.


In order to keep the costs low, AMCs should be permitted to share resources, systems and infrastructure. Further, mechanisms for sharing of such infrastructure may be suggested by industry body AMFI, in consultation with Sebi.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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FinMin stands by 2021 Parl reply that Sebi was investigating Adani Group



As a political row erupted over SEBI telling Supreme Court that it has not been probing the Adani group since 2016, the Finance Ministry on Monday said it stands by its July 2021 written reply in Parliament that had stated that the stock market regulator was investigating some Adani group companies.


After SEBI filed a fresh affidavit with the Supreme Court to strengthen its case for a six-month extension of the deadline to complete the probing allegations of fraud and money laundering against Adani Group, Congress and other opposition parties cited the finance ministry’s July 2021 replies in Parliament to ask who was misleading.


“The government stands by its reply in Lok Sabha on 19th July 2021 to Q. No. 72, which was based on due diligence and inputs from all concerned agencies,” the Finance Ministry tweeted.


This was in response to Congress spokesperson Jairman Ramesh posting a screenshot of the written reply made by Minister of State for Finance Pankaj Chaudhary on July 19, 2021.


In the reply, the Minister stated that “SEBI is investigating some Adani Group companies with regard to compliance with SEBI regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group of companies under laws administered by it.


He had gone on to state that Enforcement Directorate was not carrying out any investigation and that “SEBI had vide order dated January 16, 2016, directed depositories to freeze particular beneficiary accounts of certain foreign portfolio investors including Albula Investment Funds, Cresta Funds Ltd and APMS Investment Ltd.


The damning January 24 report of US short seller Hindenburg had alleged that some of these funds based out of Cyprus and Mauritius were proxies of Adani’s that were used to manipulate stock markets and funnel money.


Adani Group has denied all allegations.


On petitions seeking probe into the allegations, the Supreme Court had asked SEBI to wind up its probe against the Adani Group in two months. That deadline ended earlier this month and SEBI sought six more months to complete the probe.


Petitioners however contested that SEBI had been probing Adani group since 2016 and shouldn’t be given a six-month extension.


In rejoinder to the petitioners, SEBI in a fresh affidavit on Monday said that the allegations that it “is investigating Adani since 2016 is factually baseless”.


SEBI however did not say since when it was probing the Adani group.


“Now SEBI tells the Supreme Court that they have not been investigating any of the serious allegations against Adani! Which is worsemisleading Parliament, or being fast asleep as lakhs of investors are duped by alleged money laundering and round-tripping using offshore shell companies? Or even worse, was there a restraining hand from above?” Ramesh tweeted.


Priyanka Chaturvedi, Rajya Sabha MP from Shiv Sena-UBT, tweeted: “So, SEBI denies any investigation into Adani companies since 2016, denies its own statement to the court? Was the junior finance minister lying to the country regarding the investigation in his answer on 19 July 2021? This smells of a cover-up but at whose behest?

“If what SEBI saying to the court is correct, goes to prove that Adani Group has almost been given a free rein to manipulate markets through offshore companies since 2014 and with the regulatory body turning a blind eye to the illegalities. What a shame, again I repeat, only a JPC can uncover the extent of damage. Also the exposure of banks, LIC, EPFO in the group. Public loss for private gain, at whose behest?” she asked.


She even raised doubts at SEBI using a junior employee to file the affidavit.


“Wow. A 22-year-old has been hired by @SEBI_India to file an affidavit in the Supreme Court on their behalf! Must be either super experienced from kindergarten days to file such replies or naive enough to be part of something as big as this,” she said in another tweet.


The SEBI affidavit was filed by one Satyanshu Maurya, who said he was presently working as an Assistant Manager in the Securities and Exchange Board of India (SEBI).


TMC leader and MP Mahua Moitra, who has been leading the tirade against the Adani group and who had put the July 19, 2021 questions, hasn’t yet commented on the issue.


She had however last week warned of Adani being allowed to raise funds through share sale before a probe is completed.


“Let me tell @Sebi_india loud & clear that we will raise Cain if Adani allowed to raise even a rupee of equity without investigation being completed,” she had tweeted on May 12 with ‘#FraudstersBeware’ hashtag.


On May 12, lawyer Prashant Bhushan opposed the plea for the extension of time, saying SEBI was seized of some kind of investigation in the matter since 2016.


SEBI in the fresh affidavit said that the application for extension of time is meant to ensure “carriage of justice keeping in mind the interest of investors and the securities market” since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable.


It said the ‘investigation’ referred to in its earlier reply affidavit has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg report.


“The matter referred to in paragraph 5 pertains to the issuance of Global Depository Receipts (GDRs) by 51 Indian listed companies in respect of which investigation was conducted. However, no listed company of the Adani group was part of the aforesaid 51 companies. Pursuant to the completion of the investigation, appropriate actions were taken in this matter.”

It termed as factually baseless the allegation that the SEBI has been investigating the Adani group since 2016 and said, I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced.


Chaudhary in the July 19, 2021 reply to the Lok Sabha also mentioned of the GDRs.


“In a matter pertaining to issuances of Global Depository Receipts (GDR) by certain Indian companies, SEBI vide order dated June 16, 2016, had directed depositories to freeze particular beneficiary accounts of certain FPIs including Albula Investment Ld, Cresta Funds Ltd and APMS Investment Fund Ltd. However, no order in respect of other beneficiary accounts of these three FPIs has been passed by SEBI,” he had said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Petitioner opposes six-month extension to Sebi


Advocate Vishal Tiwari, one of the petitioners in the Adani-Hindenburg case in the Supreme Court, has filed an application opposing the six-month extension sought by the Securities and Exchange Board of India (Sebi) to complete the probe into the allegations in the Hindenburg Research report.
 
Sebi, which was set to file a status report in the matter on May 2, asked the top court to give it six more months to complete its probe into short-seller Hindenburg Research’s allegations against Adani. Tiwari’s application says Sebi is trying to make the probe “endless” and prayed that the court should not grant the regulator the extension.
 
The Supreme Court, on March 2, formed an expert committee of five members headed by a former judge to investigate the regulatory failure, if any, that led to investors losing crores after the report by American short-seller Hindenburg Research against the Adani Group of companies was published.
 
The committee was directed to submit its report in a sealed cover before this court within two months. The court had also said besides the ongoing investigation by Sebi into allegations in the Hindenburg Research Report against the Adani group of companies, the regulator shall also probe whether there has been a violation of Rule 19A of the Securities Contracts (Regulation) Rules 1957; whether there has been a failure to disclose transactions with related parties and other relevant information which concerns related parties to Sebi; and whether there was any manipulation of stock prices in contravention of existing laws.
 
Sebi was also supposed to submit its report in two months and assist the expert panel formed by the court.
 
The Hindenburg report on January 24 alleged that the Adani Group of companies manipulated its share prices, failed to disclose transactions with related parties and other relevant information concerning related parties, in contravention of the regulations framed by Sebi; and violated other provisions of securities laws.
 
After the report, two separate petitions were filed by advocates M L Sharma and Vishal Tiwari. Sharma’s plea seeks the prosecution of Nathan Anderson of Hindenburg Research and his associates in India and the US for allegedly exploiting investors and the “artificial crashing” of the Adani group’s stocks.
 
Meanwhile, Advocate Vishal Tiwari’s plea sought the court’s directions to set up a special committee to oversee a policy for sanctioning loans of more than Rs 500 crore given to big corporations.
 
The third petitioner in the case was Congress leader Jaya Thakur. The plea seeks a probe against Life Insurance Corporation (LIC) and State Bank of India (SBI) for allegedly investing in the Adani Enterprises FPO (follow on public offer) at Rs 3,200 per share when the price was Rs 1,800 per share in the secondary market.
 
The fourth petition was filed by one Anamika Jaiswal, represented by senior advocate Prashant Bhushan.



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Amid 2008 meltdown, how short-selling survived a ban


Many referred to the Adani-Hindenburg Research affair as a ‘Lehman moment’. The allegations by a self-confessed ‘short seller’, the US-based Hindenburg Research, of the Adani Group’s “brazen stock manipulation and accounting fraud” continue to rattle the share prices of the conglomerate’s companies. It has kept the investors, regulators, the government and the judiciary, engaged all this while.

The share prices of the Adani Group companies had jumped dramatically over the last two years, but few paid any attention. Mutual funds, strangely, ignored to even partake in this wealth creation opportunity. Top fund managers couldn’t fathom why and how share prices of these companies were rising, touching astronomical valuations. But then, there was the country’s biggest domestic institutional investor, the state-owned insurer LIC, which acquired shares in five Adani companies continuously over the last nine quarters till December 2022.

The jury is still out on whether the Adani-Hindenburg Research affair is a Lehman moment. In the classical sense, it is not. The broad-based markets in India didn’t witness any pressure when Adani stocks tanked. The collapse of Adani is not a systemic risk, it doesn’t bring down the Indian financial sector; even for LIC, the exposure to Adani is less than 1 per cent of its portfolio. Will there be more unravelling in this case? Nobody is sure.

Well, this is not about the Adani Group or Hindenburg Research. This is about ‘short selling’ and how it triggered a massive debate in India after the real Lehman moment on September 15, 2008, caused a global financial crisis that spilled over to the real economy. ‘Short selling’ is an accepted practice worldwide – investors or traders borrow shares and sell in the belief that prices will fall. If prices do fall, they buy it back at a lower price, and pocket the profit.

In its report, Hindenburg Research was transparent and said it held short positions in Adani Group companies through US-traded bonds and non-Indian-traded derivatives. There are believers of its position in the US and other markets, and those who don’t. Back home in India, after prices of Adani shares plunged, the political opposition raised a hue and cry given Adani’s perceived proximity to the ruling political leadership. The Reserve Bank of India stepped in to reassure that the banking system was safe and resilient. The capital markets regulator, Securities and Exchange Board of India (Sebi), too, said it is probing the Adani stock volatility.

But 15 years ago, when the real Lehman moment happened, many prominent persons in India Inc wanted Sebi to ban short selling, arguing it led to huge market manipulation. The ban, they claimed, would prevent a free fall in the stock markets. The Lehman collapse had indeed left stock markets anxious in India. In less than two months – between September 8, 2008, and November 6, 2008 – the Nifty 50 index had dropped over 35 per cent, from 4,482 points to 2,892 points.

Clearly, there were more bears than bulls. But some argued that manipulators were rife, and were systematically pushing the markets down. In fact, NDTV Profit ran shows in October that year that Sebi was not acting tough enough on short selling by FIIs. Why should it not ban lending and borrowing of shares overseas using an instrument called participatory notes, the news channel asked.

It was under such circumstances that a ban on short selling was discussed at the highest levels – the Prime Minister’s Office – in the government. Many private sector big guns wanted the government to curb market freedoms. And strangely enough, bureaucrats and the political executive fought for reforms, and stood the ground.

What triggered the demand was a sharp fall in ICICI Bank shares – from about Rs 1,231 in January 2008, it had plunged to Rs 364 on October 10, 2008. There was a rumour of ICICI Bank ATMs running out of cash in a southern city. It didn’t help that the bank, seen as the most aggressive lender then, was borrowing at high rates of 20 per cent to meet its short-term needs. K V Kamath, the CEO of ICICI Bank, blamed it on manipulation and rumour-mongering. He spoke to then Sebi chief CB Bhave and officials in the Union Finance Ministry.

The pressure of some channels, including NDTV, Kamath and other private sector honchos reached the doors of then Union Finance Minister P Chidambaram who summoned his key officers. “Why shouldn’t it be banned?” he is learnt to have asked them.

Sebi’s Bhave had already made strong technical arguments against banning, but it was Joint Secretary K P Krishnan’s plain and simple English that won the argument. “You have very high fever. There are two options. One, take a paracetamol and sleep it through. Two, break the thermometer, and do not acknowledge you have a fever.”

Chidambaram took them to then Prime Minister Manmohan Singh’s residence the same weekend. Here, the finance ministry officials argued against the ban and pointed out that it was ironic that those lobbying from the private sector for this seemingly regressive move were the same folks who chastised the government then for its baby steps on financial sector liberalisation. Manmohan Singh was amused — he had learnt a fresh lesson on India’s political economy.





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Congress writes to RBI & Sebi, seeks probe into Adani case | India News



NEW DELHI: Claiming that the ‘PM-blessed’ Adani group is facing trouble raising funds abroad while being “heavily over-leveraged”, Congress on Wednesday wrote to the Reserve Bank of India asking for “implicit or explicit government assurances” given to the business conglomerate about a future bailout in case of financial troubles with foreign entities.
The AICC has also asked Sebi for a probe into the “overvalued” Adani scrips, and why was a high exposure of top public companies like LIC and SBI allowed into the group which has cost ordinary Indians crores of rupees in the recent market turbulence.
Congress general secretary Jairam Ramesh shot off letters to RBI chairman Shaktikanta Das and Sebi chairperson Madhabi Puri Buch, demanding probes into allegations of financial irregularities and stock manipulation, including round tripping and use of shell companies to over value the stocks, against the “influential business house”.
Addressing Das, Ramesh said RBI should ensure that “excessive debt exposure” by the Adani group does not destabilise India’s banking system, talking of a possible “contagion”. “The Adani group has been described as ‘deeply over-leveraged’ – if the Adani group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell-off in stock prices is creating vulnerabilities for the Adani group to find financing, and by implication for India’s banking system,” he noted, specifically seeking RBI focus on real Adani group exposure of the Indian banking system and the possible government guarantees to the Adanis that it will be given a bailout should foreign funding dry up.
“Will RBI ensure that Indian banks are not forced to step in to substitute for any shortfall in foreign financing, especially given the Adani group’s political connections,” Ramesh asked.
Talking about charges of manipulation against the business group in his letter to the Sebi chief, Ramesh said, “Apart from the potential violation of several Indian laws, this goes against everything that Sebi stands for. We urge you to investigate all potential violations and ensure complete transparency about who is investing in Adani group companies.”
He said inclusion of Adani Enterprises in the “National Stock Exchange Nifty 50 index” in September 2022 occurred despite the firm’s weak fundamentals, an excessive price-to-earnings ratio and a tiny free-float. He complained that the stock remains in key Indian indices despite global indices having suspended the group.





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Hindenburg-Adani: Centre agrees to Supreme Court-picked panel


NEW DELHI: Confident that the Adani meltdown will have negligible impact on Indian securities markets, the Centre on Monday accepted the Supreme Court‘s suggestion for a retired judge-led committee to study the recent alarming fall of Adani group shares following short seller Hindenburg Research’s report and recommend improvements in statutory and regulatory regimes governing the securities market to protect investors against such future events.
“We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list,” solicitor general Tushar Mehta told the bench, adding that no message should go out that the market regulator is not capable of handling the situation.
Solicitor general Tushar Mehta conveyed the government’s stand to a bench of Chief Justice DY Chandrachud, and Justices PS Narasimha and JB Pardiwala but also maintained that “the government is of the firm opinion that the existing structures and regimes, both statutory and regulatory, along with markets regulator Sebi and related agencies are fully competent to deal with the incident that happened recently.”

BJP govt’s foreign policy is not for India, it is for Adani and his businesses: Rahul Gandhi

Mehta said, “The government has no objection to the constitution of a committee of experts. But the remit of the committee will be very important. It should not send a message to the international investors that the markets regulator is not competent to deal with the situation. It will affect market sentiments.”
He said the existing statutory regime and regulatory mechanism should not be undermined at any cost. “In respect of volatility of share prices of specific companies, there are robust frameworks in place, which get automatically triggered and when triggered, are transparently disclosed in public domain and serve as a signal to investors in respect of risks related to high volatility of those shares,” Sebi said. The bench posted the matter for hearing on Friday and asked SG to give the names of experts on that day.

Adani-Hindenburg row: Congress stages protest outside LIC office in Delhi

Without naming Adani Group, Sebi informed the SC in its written submissions that the sharp drop in the market value of shares of the group companies have negligible impact on the sensex. “While the shares of the group have seen significant decline in prices on account of selling pressure, the wider Indian market has shown full resilience. The combined weight of the group companies in sensex is zero and in Nifty is below 1%,” it said.
Although the SC had on Friday entertained the two PILs by advocates Vishal Tiwary and M L Sharma, it had commented on their understanding of the issue by saying they appear “not -so-well informed”. Turning the proceedings into an “open dialogue”, the CJI-led bench had sought to know the consequences of the operations of short sellers like Hindenburg, who make money by pulling down shares of companies, for Indian investors in a world where capital moves seamlessly across national jurisdictions.

Adani row: SC seeks SEBI response to protect investors

“How do we ensure protection of Indian investors? Suppose it is because of short selling… in the course of 3-4 minutes trades are done. As a result of short selling, value of products get depressed depending on the number of shares offered. Then the seller steps into the market to buy these shares, and gets the benefits and profits,” the SC had said.
Watch Hindeburg-Adani row: Centre agrees to form panel on investors’ safety





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LIC plans to increase agent strength by 40%, ramp up HR systems



India’s largest insurer is also looking to revamp its human resources systems in its drive to make the oldest insurance company more technologically advanced, said people aware of the development



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India at 75: 16 events that impacted Indian markets between 2003 and 2014


From the shift of Sensex to a free-float methodology to the great fall after global financial crisis of 2008-09, and recovery afterwards, here are 16 biggest events for stock markets from 2003 to 2014

Topics
stock markets | Indian market | Mutual Funds



1. February 1, 2003: UTI Mutual Fund is carved out of the erstwhile UTI as a Sebi-registered mutual fund. The Unit Trust of India Act, 1963, is repealed, and UTI is split into Specified Undertaking of Unit Trust of India (Suuti) and UTI Mutual Fund. UTI Mutual Fund is promoted by State Bank of India, LIC, Punjab National Bank and Bank of Baroda, with a combined holding of 45.2 per cent in the paid-up capital of UTI AMC.



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First Published: Thu, August 11 2022. 18:00 IST





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FPO bids: Ruchi Soya told to let investors withdraw


The Securities and Exchange Board of India (Sebi) on Monday asked Ruchi Soya Industries to give the option to the investors in the follow-on public offer (FPO) to withdraw their bids due to “circulation of unsolicited SMSs advertising the issue”.

In a directive to the investment bankers to the issue, the regulator has said prima-facie the contents of the unsolicited SMS appear to be “misleading/fraudulent” and “not in consonance” with Sebi regulations. The window for withdrawal will be available on March 28-30, 2022.

According to the Sebi notice, an SMS is to be sent to all the applicants of the received bids, informing them of the additional window of withdrawal. “A notice to investors shall be issued in the form of an advertisement in the newspapers, which will be issued on March 29 and March 30, 2022,” it said.

The company’s FPO, which closed on Monday, garnered 3.6 times subscription, including 0.9 times of retail subscription. Patanjali Ayurved-owned Ruchi Soya had last week hit the capital market to raise Rs 4,300 crore through its FPO as it aims to become a debt-free company. The price band has been fixed at Rs 615-650 per share. It had raised Rs 1,290 crore from anchor investors ahead of its FPO.

Sebi has in the past cautioned investors that unsolicited messages containing stock tips/investment advice with respect to listed companies are increasingly being circulated through bulk SMS, websites and social media platforms like WhatsApp and Telegram. Such messages are sent to investors and general public usually recommending to deal in specific stocks of listed companies, indicating target prices and giving fraudulent, misleading and false information relating to listed companies, inducing them to deal in these stocks, Sebi had said.

Patanjali, promoted by Baba Ramdev, acquired Ruchi Soya, which is listed on the stock exchanges, through an insolvency process for Rs 4,350 crore in 2019. After the FPO, Patanjali’s holding in Ruchi Soya will come down to about 81 per cent, and the public will hold about 19 per cent. Currently, it owns 98.9 per cent in Ruchi Soya.

The company is into fast-moving consumer goods (FMCG) and fast-moving health goods (FMHG) and owns brands such as Mahakosh, Sunrich, Ruchi Gold and Nutrela. The FPO is to meet Sebi’s requirement of minimum public shareholding of 25 per cent in a listed entity.

Ruchi Soya’s anchor investors include the likes of Aditya Birla Sun Life Mutual Fund, AG Dynamics Funds, Alchemy Capital, ASK MF, HDFC Life Insurance Company, Kotak MF, Quant MF, SBI Life Insurance Company, Societe Generale, BNP Paribas, The Sultanate of Oman Ministry of Defence Pension Fund, UTI MF, Yas Takaful PJSC and UPS Group among others.

The company plans to utilise the net proceeds of the FPO for repayment and/or prepayment of borrowings, funding incremental working capital requirements and general corporate purposes, according to the information provided in the red herring prospectus (RHP).





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