Last Updated on Apr 6, 2022 by Aradhana Gotur
Ruchi Soya tanked ~20% lower at Rs 706 against the last trading price of Rs 875.45 on BSE after its board cleared the allotment of 6.61 cr. equity shares via a follow on public offer (FPO).
The stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Ruchi Soya has gained 6.57% in a year and fallen 11.02% since the beginning of this year.
About the FPO
Ruchi Soya’s follow-on public offer (FPO) hit the capital market on 24 March 2022. The Ramdev Baba-led company looked to raise Rs 4,300 cr. aiming to get debt-free. The price band had been fixed at Rs 615-650 per share whereas the face value was Rs 2 apiece. The FPO, which was subscribed 3.6 times, closed on 28 March. Following the allotment of FPO shares, Ruchi Soya’s paid-up equity capital has increased from Rs 59,16,82,014 to Rs 72,39,89,706.
Allotment of FPO
The board has cleared the allotment of Ruchi Soya FPO, and bidders can view their application status on BSE and the registrar Link Intime’s websites. The initiation of refunds (if any, for Anchor Investors)/unblocking of funds will be done on or around 6 April 2022.
Equity shares will be credited to depository accounts of allottees on 7 April 2022, whereas the equity shares are expected to start trading on the stock exchanges on 8 April 2022.
Ruchi Soya had already raised Rs 1,290 cr. from anchor investors last week for ~1.98 cr. Further, ~97 lakh bids were withdrawn by investors as SEBI cautioned investors about the ‘circulation of unsolicited SMS’ and directed the company to give investors the option to withdraw the shares.
