Ruchi Soya FPO: FPIs cancel 97% bids during two-day withdrawal period

Foreign portfolio investors (FPIs) have cancelled over 97 per cent of their bids made in Ruchi Soya’s follow-on public offering (FPO) during the two-day withdrawal period, data provided by stock exchanges showed. FPIs had bid for nearly 7.5 million shares, of which they cancelled 7.2 million, data shows. The number of bids withdrawn in the other categories were relatively muted.

Retail investors withdrew 569,835 bids (2.6 per cent of the total bids they placed), high networth individuals 1.3 million (1.1 per cent) and employees 3,759 (4.84 per cent). Mutual funds didn’t withdraw any bids. Overall, the subscription for the FPO