The overall subscription declined from 3.6 times to 3.4 times.
While mutual funds did not cancel any of their applications, foreign portfolio investors (FPIs) have withdrawn 72 lakh out of 75 lakh shares, or 97% of their bids, showed data from the National Stock Exchange.
Retail investors withdrew only 5.70 lakh bids while high-net-worth individuals cancelled 13 lakh shares, a little over 1%. Shares of Ruchi Soya dropped 2.2% on Thursday to close at ₹955.60 on the BSE.
Soon after the FPO ended on Monday, Sebi directed Ruchi Soya to give investors who subscribed to the company’s issue a window until Wednesday to withdraw their bids, citing the circulation of “unsolicited SMSes.”
The FPO on Monday was subscribed 3.6 times.
The capital markets regulator said that prima facie, the contents of the text messages appeared to be “misleading/fraudulent” and didn’t comply with regulations.
In its meeting held on March 31, the board of the company fixed the issue price at ₹650 per share.
Ruchi Soya, controlled by Patanjali Ayurved Group, sold its shares in the range of ₹615-650 apiece to comply with Sebi’s minimum public holding norms.
Patanjali has 98.9% of Ruchi Soya, which it acquired through insolvency resolution.
After the FPO, its shareholding is to drop to 81%.
