Ruchi Soya files complaint against unsolicited SMS asking for investment in FPO

Ruchi Soya Industries Ltd has lodged an FIR at Haridwar on the circulation of some unsolicited messages, regarding its ₹4,300 crore follow-on public offer (FPO), according to an exchange filing by the company.

“This is to bring to public notice that there is a SMS/message in circulation in social media, speculating about investment opportunity in our company’s issue and about equity shares of our company being available at discount to the market price. We wish to bring to the attention of the investors that this message has not been issued by our company or any of our directors, promoters, promoter group or group companies,” the company said.

On Monday, in a rare move, the Securities and Exchange Board of India (Sebi) said the retail investors who have submitted bids for Ruchi Soya Industries Ltd’s FPO could choose to withdraw applications from 28-30 March.

This came in the wake of an unsolicited message about the company’s FPO being widely circulated. The message read “Great news for all beloved members of Patanjali parivar. A good investment opportunity in Patanjali Group. Patanjali Group company—Ruchi Soya Industries Ltd—has opened the FPO for retail investors. The issue closes on 28 March . This is available in the price band— ₹615-650 per share, a discount of about 30% to market price. You can apply for shares through your bank/ broker/ ASBA/UPI in your demat account.” A copy of the message was seen by Mint.

Sebi directed the lead banking managers to the FPO to issue a notice to all investors in the form of newspaper advertisements, cautioning them about the circulation of such unsolicited SMSs, on Tuesday and Wednesday.

On Tuesday, the company’s shares ended 15.19% higher at ₹938 on NSE. Last week, Ruchi Soya raised ₹1,290 crore from anchor investors, who were allotted 19,843,153 equity shares at ₹650 per share.

“A one-day rise during an FPO cannot be correlated. Sebi’s direction will not have any impact on the valuations nor will it impact the company’s growth prospects. Such short time aberrations keep happening, especially as the current float is just 1%.The stock is likely to remain volatile,” a market analyst said.