By Malvika Gurung
Investing.com -- Edible oil manufacturer Ruchi Soya's (NS:RCSY) Rs 4,300 crore worth follow on public offer or FPO, closed on March 28, followed by a SEBI’s order, which directed the Patanjali Group firm to provide the investors with an option to withdraw their bids.
The markets regulator on Monday asked the bankers of Ruchi Soya to provide its investors with an option to withdraw their bids from the FPO, a rare move by Sebi, cited reports.
While the FPO closed on Monday, the window for withdrawal of bids opened for two days on Tuesday and Wednesday, and during the process, almost 97 lakh bids were withdrawn from the Baba Ramdev-led oil company’s FPO, and that too primarily the withdrawals were led by foreign investors.
Over 17.6 crore bids were made for Ruchi Soya’s FPO, as of Monday, with the number of shares on offer only a little north of 4.89 crores.
As per exchange data, FPIs had bid for 7.5 million shares, of which they cancelled 7.2 million, while retail investors offloaded 5.69 lakh bids, HNIs withdrew 13 lakh bids, and employees took out 3,759 bids, while no bids were withdrawn by mutual funds.
Sebi also directed the company’s bankers to circulate advertisements in different newspapers for March 29 and 30, warning investors to be cautious of any unsolicited text messages circulating.
Shares of the company ended 3.02% lower on Thursday.