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Ruchi Soya board meeting to fix FPO issue price postponed to March 31

The board was initially scheduled to meet today - March 29.

March 29, 2022 / 05:20 PM IST
Representative image

Representative image

Ruchi Soya Industries have rescheduled its board meeting to March 31 to determine the FPO issue price. The board was initially scheduled to meet today - March 29.

On March 28, capital markets regulator Securities and Exchange Board of India (SEBI) provided an option to the investors in Ruchi Soya's Rs 4,300 crore follow-on public offer (FPO) to withdraw their applications. The withdrawal window will remain open till March 30.

The regulatory body's directive came amidst the “circulation of unsolicited SMSes advertising the issue”. The messages, that were allegedly sent to Patanjali Ayurved users, recommended them to invest in the offer.

The follow-on public offer of Ruchi Soya was subscribed 3.6 times as the FPO garnered bids for 17.60 crore equity shares against the size of 4.89 crore equity shares on the final day of bidding, March 28.

The retail quota, which is 35 percent of the issue, has seen a 90 percent subscription.

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On March 29, the BSE issued a clarification on the FPO subscription numbers of Ruchi Soya Industries.

The extension of FPO, only for withdrawal of bids briefly caused confusion among investors. "Since this was a sudden change of process and system had to consider these changes, for few updates in Cumulative Bids Details section only BSE Bids data was shown instead of Cumulative data of both the Exchanges", the BSE statement said. The subscription numbers have now been 'restored to previous day data, it added.

The stock exchange displays cumulative bids of both exchanges every three minutes.

Shares of the company on Tuesday jumped nearly 16 percent on the BSE to Rs 944.95.



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Moneycontrol News
first published: Mar 29, 2022 04:39 pm
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