Ruchi Soya has lodged an FIR (First Information Report) at Haridwar against unsolicited text messages that asked investors to park money in the firm’s FPO (follow-on public offer).
On Tuesday, 29 March 2022, the company clarified that none of its group companies, promoter group and directors is aware of such messages. Continue reading to get the details!
How Are the Unsolicited Messages Related to Ruchi Soya’s FPO?
An impressive number of investors have subscribed to Ruchi Soya’s FPO. The SEBI (Securities and Exchange Board of India) has directed the company to provide investors with a window till Wednesday, 30 March 2022, to take away their bids stating circulation of unwanted SMSes.
On Monday, 28 March 2022, the issue closed. As per reports, the text messages cited that the FPO was a great investment avenue at a 30% discount (approx.) to the stock market price.
Has the Subscription Level Dropped?
Ruchi Soya’s shares were sold in the price range of Rs. 615 to Rs. 650 apiece. On Monday, the shares dipped 6%, standing at Rs. 815. However, on Tuesday, they hiked 16%, standing at Rs. 945.
On Tuesday, the follow-on public offer subscription levels on the Bombay Stock Exchange indicated the total subscription had contracted to nearly 2.58 times. On Monday, the company’s issue was subscribed nearly 3.6 times.
About Ruchi Soya
Ruchi Soya was incorporated in 1986. It has emerged as an eminent player in India through its edible oil business. It is well-known for its palm oil plantations throughout the value chain. It is a leading marketer and manufacturer of soya foods and edible oil in India, featuring among the best FMCG companies.
Till Tuesday, Ruchi Soya has not updated the count of investors pulling out of the FPO. Meanwhile, it has delayed the board meeting to consider the issue price for its FPO between 29 March and 31 March.
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Frequently Asked Questions
1. How many manufacturing units do Ruchi Soya Industries own?
22 manufacturing units are under Ruchi Soya Industries, with a refining capacity of about 11,000 tonnes each day.
2. What is Ruchi Soya’s packaging capacity?
Ruchi Soya has a packaging capacity of around 10,000 tonnes each day and a seed crushing capacity of around 11,000 tonnes each day.
3. How many hectares of land do Ruchi Soya Industries own?
Ruchi Soya owns around 2 lakh hectares of land throughout India.
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