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Sebi directs Ruchi Soya to allow FPO investors to withdraw bids

Circulation of unsolicited SMSes advertising the issue violates regulations, says the market regulator; Sebi orders a 3-day window for all investors (ex-anchor Investors) to withdraw applications

Baba Ramdev addresses the media in Mumbai on Monday. Kamlesh Pednekar
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Baba Ramdev addresses the media in Mumbai on Monday. Kamlesh Pednekar

Samie Modak Mumbai
The Securities and Exchange Board of India (Sebi) has directed Ruchi Soya Industries to give the investors who participated in its Rs 4,300-crore follow-on public offering (FPO) the option to withdraw their bids due to “circulation of unsolicited SMSes advertising the issue”.

In a letter to the three investment bankers handling the share sale, the market regulator has said prima facie the contents of these SMSes appear to be “misleading/fraudulent” and not in consonance with the ICDR (Issue of Capital and Disclosure Requirements) Regulations.

According to sources, the SMSes pitched the FPO as a good investment opportunity in Patanjali Group. Business Standard

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First Published: Mar 28 2022 | 7:34 PM IST

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