Ruchi Soya stock zooms 19% in two sessions despite FPO bid recall option

Shares of Ruchi Soya rose for the second straight session today despite the company filing an FIR in Haridwar to investigate the source of SMSs advising investors to participate in its follow on public offer (FPO).

The development came after the market regulator SEBI, on March 28, asked the Baba Ramdev-led firm to provide an option to all investors (except anchor investors) in its follow-on public offer (FPO) to withdraw their bids due to "circulation of unsolicited SMSs advertising the issue".

The regulator said that prima-facie, the contents appear to be "misleading/ fraudulent" and not in consonance with SEBI (ICDR) Regulations, 2018. The window for withdrawal shall be available on March 28, 29 and 30.

The shares opened with a gain of 2.65 per cent at Rs 970 today against the previous close of Rs 944.95 on BSE.   Later, it touched an intraday high of Rs 1013.4, gaining 7.24 per cent on BSE.

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Ruchi Soya stock has gained 19.13 per cent in two days. The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. Total 1.75 lakh shares of the firm changed hands amounting to a turnover of Rs 17.24 crore.

Market cap of the firm rose to Rs 28,705 crore on BSE today.

Earlier on March 28, the firm concluded its FPO which was subscribed 3.6 times on the last day of the issue. The FPO received bids for 17.56 crore equity shares against the size of 4.89 crore equity shares on the final day. The retail quota, which constituted 35 per cent of the issue, saw subscription of 88 per cent.

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The oil-and-food-products major launched its FPO on March 24 to garner Rs 4,300 crore. The company fixed a price band of Rs 615-650 for the public offer.