Ruchi Soya lodges FIR against unsolicited SMSes asking for investment in FPO

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MUMBAI: Ruchi Soya Industries Ltd has lodged an FIR in Haridwar to investigate circulation of unsolicited messages regarding the company’s 4,300 crore follow-on public offer (FPO).

In a stock exchange filing, Ruchi Soya said it has come to notice that there were messages circulating on social media “speculating” about investment opportunities in the FPO, and company shares being available at discount to market price. “We wish to bring to attention of the investors that this Message has not been issued by our company or any of our directors, promoters, promoter group or group companies.”

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 development assumes significance as the share sale was oversubscribed 3.6 times at the time of close on Monday. The issue had opened for subscription on 24 March.

On Tuesday, overall subscription fell to 2.58 times following the withdrawal of applications. A total of 4.95 crore bids have been withdrawn. Retail quota subscription fell to 39% from earlier 90%, with 1.23 crore bids withdrawn.

Sebi had also asked bankers to issue an advertisement in newspapers on Tuesday and Wednesday cautioning investors about the circulation of SMSs.

Meanwhile, Ruchi Soya in the filing also said, “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.”

“Investors should further note that bidding in the Issue is closed i.e. March 28, 2022, and accordingly no further Bids will be accepted in the Issue. Any Bids, after the Bid/Issue closure will be rejected,” it added.

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