Ruchi Soya zooms in by 20% as company says SMS related to FPO not issued

Shares of Ruchi Soya jumped 20 per cent to Rs978 per share in Tuesday’s daily trading on the Bahrain Stock Exchange, but later trimmed the gains, after the company clarified that SMS related to investments in its follow-up public offering (FPO) were not like that. Issued by the company or its promoters.

At 9:45 am, the company’s shares rose 9 percent on the Bahrain Stock Exchange, at 888 rupees, versus a rise of 0.47 percent in the S&P BSE Sensex Index. With this, the stock cut its 4-day losses, after declining by 11 percent during this period. Meanwhile, the Front Line Sensex is down 0.6 percent during the period.

“We understand that there is a text message/message circulating in social media, in which you guess the investment opportunity in the issuance of our company and about the company’s shares available at a discounted price from the market price. We would like to draw the attention of investors that this message has not been issued by our company or any of the Our directors, promoters, group of promoters or group companies.The first information report with number 0188 dated 27 March 2022 has been registered by our company with Haridwar Police Station to take over. Information Act 2000 and Section 420 of the Indian Penal Code 1860″. check here

The announcement comes after the Securities and Exchange Board of India (SEBI) issued a directive to Ruchi Soya Industries to give investors who took part in its Rs 4,300 crore follow-up public offering (FPO) the option to withdraw their bids due to “trading of spam advertising issue” . Read more

In a letter to the three investment bankers dealing with the sale of Ruchi Soya’s shares, Sebi said that the contents of the SMS, at first glance, appeared to be “misleading/fraudulent” and did not comply with ICDR (Capital Requirements Release and Disclosure) regulations.

For her part, Roshi Soya stated in the announcement that the last day to withdraw bids will be Wednesday. The company has also released an indicative timeline for listing new shares being issued in the FPO. On schedule, the new post will be listed “on or around” April 8.

The FPO of Patanjali-backed edible oil company closed on Monday, got subscription 3.6 times. The underwriting was 90% less than the issue in the retail category, but it saw strong demand in all other categories. Patanjali Ayurvedic led by Baba Ramdev owns 98.9 per cent in Rochi Soya while the public owns only 1.1 per cent.

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