Ruchi Soya of Baba Ramdev-led Patanjali Group on Tuesday rescheduled its board meeting to March 31. The board was to meet today, however, the ongoing follow-on public offer (FPO) bid clearance process has been delayed.
Capital markets regulator Sebi on Monday asked bankers of Ruchi Soya to give an option to investors in existing FPOs of shares to withdraw their bids, while also cautioning them against “spread of unsolicited SMS” regarding share sale. Do it.
The development assumes significance as the share sale has already been oversubscribed by 3.6 times and withdrawal of bids could impact the final numbers.
According to a regulatory filing, Ruchi Soya Industries Ltd. has informed the regulator and stock exchanges that it has received certain messages on social media giving “speculation” about investment opportunities in FPOs and the company’s shares being available at a discount to the market value. have come.
The company claimed that this message has not been issued by it or any of its directors, promoters, promoter group or group companies.
It further said that an FIR has been registered in Haridwar under section 420 of the IT Act and IPC to investigate these messages by the company.
Ruchi Soya said, “As per the directions of SEBI, we would like to draw the attention of the investors that all the bidders (other than anchor investors) have the option to withdraw their bids from March 28, 2022 to March 30, 2022.”
“Investors should further note that bidding in the issue has closed i.e. March 28, 2022, and accordingly no further bids will be accepted in the issue. Any bid/bids will be rejected after the closure of the issue. ”, it added.
This regulatory filing follows a directive issued by SEBI with the management of bankers after a meeting held earlier in the day 4,300 crore FPO.
SEBI asked bankers to issue an advertisement in newspapers on Tuesday and Wednesday, warning investors about the spread of SMS.
Further, SEBI asked bankers to give investors an option to withdraw their already placed bids by March 30.
The issue opened on March 24 and the subscription level stood at 3.6x at the scheduled closing this evening.
The company has already raised 1,290 crore from anchor investors.
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