Patanjali owned Ruchi Soya Industries said its board has approved changing its name to Pataniali Foods Limited or any other name as may be made available by the registrar of companies.
"The board of directors have decided to change the name of the company to Patanjali Foods Limited or any other name as may be available by the registrar of companies, Maharashtra, Mumbai subject to all other applicable approval," it said in a BSE filing.
The edible oil major said it may also evaluate efficient modes of enhancing synergies with Patanjali Ayurved, it said in the filing.
Last week, Ruchi Soya said it has repaid Rs 2,925 crore loans to banks and has become a debt-free company. It has recently raised Rs 4,300 crore through its follow-on public offer, and a part of the proceeds has been utilized to repay debt.
Acharya Balkrishna, MD of Patanjali Ayurved, tweeted on his social media handle that Ruchi Soya has become debt-free.
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In its draft red herring prospectus, the company had mentioned that it would repay its loan of around Rs 1,950 crore to lenders, a company spokesperson said. However, the company has decided to repay the entire debt amount of Rs 2,925 crore to its lenders.
The money was paid to a consortium of bank-led b State Bank of India. The other banks in the consortium are Punjab National Bank, Union Bank of India. Syndicate Bank and Allahabad Bank. In 2019, Patanjali acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.