According to the BSE, Ruchi Soya FPO updates are only available in the cumulative bids area.

According to the BSE, Ruchi Soya FPO updates are only available in the cumulative bids area.

Shivani Bhati | Mar 30, 2022 |

According to the BSE, Ruchi Soya FPO updates are only available in the cumulative bids area.

According to the BSE, Ruchi Soya FPO updates are only available in the cumulative bids area.

Ruchi Soya‘s Rs 4,300-crore FPO closed yesterday, but investors have been given the option to withdraw their bids in an uncommon move. After it was brought to SEBI’s attention that unsolicited SMSes advertising the issue were disseminated during the FPO’s bidding days, the company was ordered to allow investors to withdraw their bids.

Investors bid for 17.6 crore equity shares, out of a total of 4.89 crore, in the issue, which was subscribed 3.6 times at the end of yesterday evening. Investors can now withdraw their bids for the FPO until tomorrow evening, March 30, 2022. Ruchi Soya’s stock rose 20% on Tuesday, hitting the upper circuit at Rs 978 per share.

After the transmission of “unsolicited SMSes,” SEBI urged the exchanges to establish a two-day window for existing bidders to reconsider their bids.

The FPO subscription levels were earlier on the BSE cumulative demand page at 2.58 times, compared to 3.6 times on Monday, prompting many to speculate whether retail investors, HNIs, and business personnel who backed the offer went for withdrawals.

According to the same data, total retail demand had dropped to 0.39 times from 0.90 times the day before. The non-institutional investor quota was 9 times subscribed, compared to 11.75 times the day before. There had also been withdrawals from the employee quota.

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