Ruchi Soya Share Price: When the stock market opened on Wednesday, 6 April, there was a tremendous stampede to exit from the shares of Ruchi Soya. Shares of Ruchi Soya fell up to 19% in early trade due to heavy selling. A day before this, there was news that the board of the company has decided to raise funds by selling shares again after the FPO. On April 5, the board of Ruchi Soya has approved the sale of 6.61 crore shares to raise Rs 4,300 crore.
“Post allotment of the issue, the paid-up share capital has increased from 59,16,82,014 to 72,39,89,706,” the release issued by Ruchi Soya said. However, Ruchi Soya’s shares recovered to some extent later. At 10.36 am, the shares of Ruchi Soya were trading down 8.34% at Rs 802.
Ruchi Soya’s FPO closed last week only. And as soon as the allotment of FPO is finalized, the company has decided to raise funds again by selling shares.
FPO was in the eyes of SEBI
Ruchi Soya’s FPO opened on 24 March and closed on 28 March. Within hours of the closure of the issue, the market regulator took action on the company and allowed small investors to exit the issue. SEBI said that retail investors investing in Ruchi Soya’s FPO can exit within three days from March 28 to 30.
Markets gear up for all-time highs yet again, find new buying opportunities at any pull back
After getting this option from SEBI, about 97 lakh investors have withdrawn their bids from the follow-on offer (FPO) of Ruchi Soya Industries. However, the company’s FPO was completely filled.
One SMS had increased the difficulty
An unsolicited message sent to Patanjali users read, “There is a great news for all the dear members of the Patanjali family. The Follow-on Offer (FPO) of Ruchi Soya Industries Limited, a Patanjali group company, has opened for retail investors. 28 March The issue will be closed on Rs.615-650 per share, which is 30 per cent lower than the market price.You can invest in this share through Bank/Broker/ASBA/UPI from your DMAT account. can.”
SEBI has directed leading banking managers to put advertisements in newspapers on Tuesday and Wednesday, cautioning all investors against such unwanted SMS. Ruchi Soya had last week launched an FPO of Rs 4,300 crore to make the company completely debt-free and meet Sebi’s shareholding norms.