Ruchi Soya has lodged an FIR to find out the origin and the culprits of unsolicited text messages advertising company’s Rs 4,300-crore follow-on public offer (FPO). In a public notice, the Patanjali-backed company said that the SMSes pertaining to investments in its FPO have not been issued by it or its promoters. “We understand that there are SMS/messages in circulation in social media, speculating about investment in our Company’s issue and about equity shares of our Company being available at discount to market price (“Message”). We wish to bring to the attention of the investors that this message has not been issued by company or any of our Directors, Promoters, Promoter Group or Group Companies,” the company said in the public notice.
“A first information report bearing No 0188 dated March 27, 2022 (“FIR”) has been logged by our company with a police station at Haridwar to take up investigation in respect to circulation of the Message, under Section 67A of the Information Technology Act, 2000 and section 420 of the Indian Penal Code, 1860,” it further said. Following the news, Ruchi Soya share price surged 20 per cent in early morning deals to hit an intraday high of Rs 978.05 apiece. On BSE, the stock was last quoting at Rs 918.25, up Rs 103 or 12.6 per cent from previous close.
Earlier, the Securities and Exchange Board of India (Sebi) had directed Ruchi Soya Industries to give the investors who participated in its Rs 4,300-crore follow-on public offering the option to withdraw their bids due to “circulation of unsolicited SMSes advertising the issue”. Ruchi Soya, in a newspaper advertisement stated that the last day for withdrawal of bids will be 30 March 2022 (Wednesday). The company has also issued an indicative timeline for listing of the new shares that are being issued in the FPO. As per the timeline, the new share will list “on or about” April 8.
SEBI’s order came after a message circulated on social media which said that the FPO was a “good investment opportunity” and that the shares were available at 30 per cent discount. “Great news for all beloved members of Patanjali parivar. A good investment opportunity in Patanjali Group. Patanjali Group company – Ruchi Soya Industries has opened the Follow-On Public offer(FPO) for retail investors. The issue closes on 28 March 2022. This is available in the price band- Rs 615-650 rupees per share, i.e discount of about 30 per cent to market price. You can apply for shares through your bank/ broker/ ASBA/UPI in your Demat account,” unsolicited message read.
Citing the circulation of the above message, the market regulator had asked Ruchi Soya to issue an advertisement in newspapers cautioning the investors about the circulation of such unsolicited SMS. The advertisement is to be issued on “March 29 and 30”, SEBI said in its order.