Ruchi Soya has announced the revised timeline with respect to its Follow on Public Offer (FPO) that had opened on March 24. The bidding in the issue was closed on Monday i.e. March 28, 2022, and accordingly no further Bids were accepted.
On Monday, in a rare move, markets regulator Securities and Exchange Board of India (Sebi) asked bankers of Baba Ramdev-led Patanjali group’s Ruchi Soya allow investors in its ongoing FPO to withdraw their bids while also cautioning them about ‘circulation of unsolicited SMS’ about the share sale.
The finalisation of basis of allotment with the designated stock exchange on or about Tuesday, April 5, 2022. Initiation of refunds (if any, for Anchor Investors)/ unblocking of on or about Wednesday, April 6, 2022.
Credit of the equity shares to depository accounts of allottees (on or about Thursday, April 7, 2022 (commencement of trading of the equity shares on the stock exchanges on or about Friday, April 8, 2022, the company added.
“As directed by SEBI, we wish to bring to attention of the investors that all Bidders (other than Anchor Investors), have an option to withdraw their Bids from March 28, 2022, till March 30, 2022. The option to withdraw can be exercised by submitting a request for the same to the concerned Designated Intermediary, who shall assist in such withdrawal of Bid cum Application Form, prior to the finalization of the Basis of Allotment,” Ruchi Soya said in an exchange filing.
Ruchi Soya came out with the FPO to meet Sebi’s minimum public shareholding norm of 25% in a listed entity. The company said it would utilise the entire issue proceeds for furthering its business by repayment of certain outstanding loans, meeting its incremental working capital requirements and other general corporate purposes.
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