Board approved the allotment of 6.61 crore shares to raise Rs 4,300 crore, days after the Patanjali-backed company launched a follow-on public offer (FPO) which was subscribed 3.6 times
Ruchi Soya Industries
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Ruchi Soya Industries share price plunged 19 percent in early trade on April 6, a day after the board approved the allotment of 6.61 crore shares to raise Rs 4,300 crore, following the recent follow-on public offer (FPO) whose subscription fell as the regulator allowed withdrawals in light of “unsolicited SMSes advertising the issue”.
“Following the allotment in the issue, the paid-up share capital will increase from Rs 59,16,82,014 to Rs 72,39,89,706,” the firm said in a release.
Notably, the FPO took heat from the watchdog as the Securities and Exchange Board of India (SEBI) noted “circulation of unsolicited SMSes advertising the issue”.
While the company distanced itself from the messages, the market regulator on March 28 asked it to publish newspaper advertisements cautioning investors about such SMSes.
SEBI also provided investors with an option to withdraw their applications in a three-day window from March 28-30.
Some 14,583 applications, amounting to 9.74 million shares, were withdrawn as of March 30, the data from BSE showed.
Qualified institutional bidders withdrew 7.86 million bids, while high net-worth investors recalled 1.31 million. Retail investors withdrew 5.70 lakh shares.
With this withdrawal, the overall subscription fell to 3.39 times from 3.6 times on March 28.
Notably, Patanjali-backed Ruchi Soya had on March 29 issued a public notice saying they have lodged a first information report to find out the perpetrators behind the unsolicited SMSes.
At 09:40 hrs Ruchi Soya Industries was quoting at Rs 775.95, down Rs 99.50, or 11.37 percent on the BSE.
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