Opportunity To Withdraw The Bid Made In Ruchi Soya’s FPO

Opportunity to withdraw the bid made in Ruchi Soya’s FPO, the company gave the option to investors on the orders of SEBI.

SEBI on Monday asked bankers of Baba Ramdev-led Patanjali Group firm Ruchi Soya to give investors an option to withdraw their bids in the ongoing follow on FPO and also ask them about the share sale.

Be warned about the “spread of unwanted SMS” This comes at a time when the company’s shares are already oversubscribed by 3.6 times and withdrawal of bids may 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.

These messages are spreading “rumors” about investment opportunities in FPOs and the company’s shares being available at a discount to the market value.

Opportunity to withdraw the bid: 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 have the option to withdraw their bids from March 28, 2022, to March 30, 2022.”

It said, “Investors should further note that bidding in the issue has closed i.e. 28-03-22, and accordingly no further bids will be accepted in the issue. Any bids shall be rejected after the close of the bid/issue.”

The regulatory filing follows a directive issued by Sebi after a meeting held earlier in the day with bankers managing FPOs worth Rs 4,300 crore.

SEBI asked bankers to issue an advertisement in newspapers on Tuesday and Wednesday, cautioning 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 had a subscription level of 3.6x at the scheduled closing on March 28 evening. The company has already raised Rs 1,290 crore from anchor investors.