Ruchi Soya shares jump over 4% Baba Ramdev-led Patanjali Group’s Ruchi Soya Industries on Tuesday said 975 on the BSE in its opening session on Wednesday said it has rescheduled its board meeting to March 31 to decide its issue price. 4,300 crore FPO (Follow-on Public Offer) in view of SEBI’s directive to allow investors to withdraw their bids by Wednesday.
Capital markets regulator SEBI had told bankers on Monday that Ruchi Soya To give an option to investors in their ongoing FPO of shares to withdraw their bids as well as to caution them about ‘spread of unsolicited SMS’ regarding share sale.
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.
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.
In August last year, the company had received capital markets regulator SEBI’s nod to launch an FPO. It had filed a draft red herring prospectus (DRHP) in June 2021. In 2019, Patanjali acquired Ruchi Soya, which is listed on stock exchanges, through an insolvency process. 4,350 crores.
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