Ruchi Soya has announced a revised timeline regarding its Follow on Public Offer (FPO) which opened on March 24. The bidding in this issue was closed on Monday i.e. March 28, 2022, and accordingly no further bids were accepted.
On Monday, in a rare move, market regulator Securities and Exchange Board of India (SEBI) allowed the bankers of Baba Ramdev-led Patanjali Group’s Ruchi Soya to withdraw their bids to investors in its ongoing FPO, calling them “unsolicited”. Warned about ‘spread of SMS’. ‘ About the share sale.
Finalization of the basis of allotment with the designated stock exchange on or around Tuesday, April 5, 2022. Beginning of refund (if any, for anchor investors)/unblocking on or about Wednesday, April 6, 2022.
The Company said to deposit the equity shares in the depository accounts of the allottees (on or around Thursday, April 7, 2022 (starting of trading of equity shares on the stock exchanges on or around Friday, April 8, 2022).
“As per SEBI directive, we would like to bring to the notice 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. The option to withdraw may be Soya said in an exchange filing, the exercise is exercised by submitting a request for the same to the designated intermediary concerned, who will assist in withdrawal of the bid cum application form before finalizing the basis of allotment.
Ruchi Soya came out with FPO to meet SEBI’s minimum 25% public shareholding norm in a listed entity. The company said that it will use the proceeds of the entire issue for furtherance of its business by repayment of certain outstanding loans, its increasing working capital requirements and meeting other general corporate objectives.
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