Ruchi Soya Industries to be renamed as Patanjali Foods; shares of edible oil major hit 10% upper circuit after announcement

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. 

"We wish to inform you that, the Board of Directors of the Company on May 18, 2022, has approved change in name of Company from Ruchi Soya Industries Limited to Patanjali Foods Limited, subject to inter alia securing approval of members, Ministry of Corporate Affairs and such other applicable statutory / regulatory authorities," read a refulatory filing by the company  

The board also approved business Transfer Agreement (“BTA”) with Patanjali Ayurved Limited (“PAL”) to acquire the food retail business undertaking of PAL. Patanjali Ayurved Limited food retail business consists of manufacturing, packaging, labelling and retail trading of certain food products along with manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra as a going concern on a slump sale basis subject to approval of shareholders and other authorities as may be required.  

Soon after the announcement, shares of Ruchi Soya Industries hit an upper circuit of 10 per cent to Rs 1191.3 per share on the BSE on Wednesday.