Mumbai: In a move without any recent precedent, the Securities and Exchange Board of India directed Ruchi Soya Industries to give investors who subscribed to the firm's follow-on public offer, a window until Wednesday to withdraw bids, citing the circulation of "unsolicited SMSes". The issue had closed on Monday.
The capital markets regulator said prima facie, the contents of the text messages appeared to be "misleading/fraudulent" and don't comply with regulations. This followed a meeting with bankers to the issue on Monday. "All the investors/bidders (except anchor book participants) shall be given an option to withdraw bids," Sebi said.
Bankers to Inform Investors
"The window for withdrawal shall be available on March 28, 29 and 30. The procedure to withdrawal shall be informed to investors and shall be part of the advertisement issued," according to Sebi's notice to the bankers to the issue.
Shares of Ruchi Soya dropped 6% on Monday to close at Rs 815 on the BSE. The company's FPO was the first public issue since February 8. The Sebi notice was issued after the market closed.
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