Ruchi FPO: 97 lakh shares withdrawn - Times of India

Ruchi FPO: 97 lakh shares withdrawn – Times of India


MUMBAI: About 97.4 lakh shares by nearly 14,600 investors were withdrawn from the Rs 4,300-crore Ruchi Soya follow-on public offering (FPO) as the deadline for the same closed on Wednesday evening.
The data published by NSE late in the evening showed that despite the withdrawal, the FPO would be through comfortably with a subscription of 3.4 times.
At the final count, the total demand in the FPO was 16.6 crore shares against 4.9 crore shares on offer at a price band of Rs 615-650 per share.
Earlier in the day, in Wednesday’s strong session, the Ruchi Soya stock gained another 3.4%, closing at Rs 977. Since the FPO closed on Monday, the stock has gained over 20% in two sessions.
On Monday, the day Ruchi Soya — a Patanjali Group company controlled by Baba Ramdev — closed its FPO, Sebi had asked it to allow investors till Wednesday to withdraw their bids.
The Sebi order came after it was found that some people had circulated SMSs telling investors that at a 30% discount to the market price, the FPO was priced attractively.
This was the first time that the regulator had asked to give investors the option to withdraw their bids from the offer. The two-day window to withdraw bids ended on Wednesday evening. Following the Sebi order, Ruchi Soya had filed an FIR against unknown people who had circulated the SMSs. The company had also said that none from its management, the board of directors or the promoters was involved in circulating the SMSs.


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