What is the final discovered price of Ruchi Soya FPO and why was the price delayed?

There is no change in the discovered price of Ruchi Soya. It has set the price band at the upper IPO price band of Rs.650/share. You would recollect that the IPO was priced in the range of Rs.615 to Rs.650 and the issue had actually closed 3 days back. However, SEBI had asked Ruchi Soya to offer an application withdrawal window to the applicants to the Ruchi Soya FPO, which would be applicable to all the applicants except the anchor bidders.

The 3 day withdrawal window for the FPO of Ruchi Soya concluded on 31sts March and the stock exchanges have confirmed that a total of 97 lakh bids were withdrawn from the Ruchi Soya FPO, predominantly from QIB investors. Consequently, the final oversubscription to the FPO issue fell from 3.60 times to 3.39 times. However, since the subscription was still adequate enough, the company has decided to price the FPI at the upper end of the band.

It was an unprecedented case of SEBI ordering a special withdrawal window. There were misleading SMSs sent on behalf of the company and the FPO to entice retail investors to invest in the FPO. The messages had gone to users of Patanjali Ayurveda products, which is the majority owner of Ruchi Soya. However, this is against the extant rules of SEBI which does not permit soliciting of applications in the capital market in this manner.