By Malvika Gurung
Investing.com -- Shares of the leading edible oil manufacturer Ruchi Soya (NS:RCSY) plunged 11% to Rs 779 apiece at the time of writing, after crashing over 19% in early trade on Wednesday.
The stock opened with sharp falls after the company’s board approved allotting 6,61,53,846 equity shares with a face value of Rs 2 apiece to raise Rs 4,300 crore, following its recent follow on public offer (FPO).
The Patanjali Group firm said that paid-up equity share capital after the allotment of shares has increased from Rs 59.16 crore to Rs 72.4 crore.
Setting the allotment price at Rs 650/share, the company has already raised Rs 1,290 crore from anchor investors by issuing nearly 1.98 crore shares.
The markets regulator SEBI directed the FMCG major to provide investors with an option to withdraw their bids on March 28, in a three-day window period until March 30.
As of the last date, applicants withdrew almost 97.4 lakh bids from the Baba Ramdev-led oil company’s FPO, primarily led by foreign investors.
Post the withdrawal, Ruchi Soya’s overall subscription declined from 3.6 times on March 28 to 3.39 times.