Ruchi Soya gets Sebi's approval for Rs 4,300 crore FPO, say reports

Ruchi Soya on Monday got market regulator Securities and Exchange Board of India’s (Sebi) approval for its Rs 4,300 crore follow on public offer (FPO), according to reports.
 
The company had filed its draft documents with the markets regulator in June this year for an FPO.
 
 According to its draft documents, the issue’s net proceeds will be utilised to repay its borrowings and fund incremental working capital requirements.
 
The company also wants to meet Sebi's minimum public shareholder norms. According to the regulator’s norms, a listed entity should have at least 25 per cent minimum public shareholding.