Ruchi Soya Industries, a subsidiary of the Baba Ramdev-led Patanjali group, announced on Tuesday that it has rescheduled its board meeting for March 31 to fix the issue price of its Rs 4,300 crore FPO (follow-on public offer) in light of markets regulator Sebi's directive to allow investors to withdraw their bids until Wednesday.

The Securities and Exchange Board of India (Sebi) urged Ruchi Soya's bankers on Monday to provide investors who participated in the FPO the option of withdrawing their bids, while also warning them about the "distribution of an unsolicited SMS" concerning the share sale. "In light of the Sebi letter directing that the window for withdrawal be kept open until March 30, 2022," Ruchi Soya said in a regulatory filing. "We would like to inform you that the board meeting proposed for March 29, 2022 has been rescheduled, and now it will be held on March 31, 2022 for the purposes of determining the issue price and the anchor investor issue price."

Ruchi Soya Industries Ltd told the regulator and stock exchanges on Monday that it had come across various social media comments "speculating" about investment opportunities in the FPO and business shares being available at a discount to the market price.

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