Ruchi Soya up 13% post listing of FPO shares

Mumbai: Shares of edible oil maker Ruchi Soya Industries ended up 13% at ₹924.85 on Friday after shares under its recently concluded follow-on public offering (FPO) started trading. Investors who were allotted shares in the FPO garnered a profit of over 44% as the stock touched a high of ₹940 earlier in the day, compared to its FPO price of ₹650.

The FPO of Ruchi Soya was open for subscription between March 24 and 28 as the company sold its shares in the range of ₹615-650 per share, with a minimum lot size of 21 shares. The company's board had approved the allotment of 6.6 crore shares aggregating to ₹4,300 crore. Bajaj Ramdev's Patanjali Ayurveda-led Ruchi Soya aims to become a debt free entity. The FPO had garnered 3.6 times subscription.

After the FPO, Sebi had directed Ruchi Soya to give investors who subscribed to the firm's FPO, a window to withdraw bids citing circulation of unsolicited SMSes. Sebi had said that prima facie, the contents of the text messages appeared to be "misleading/fraudulent" and don't comply with regulations.