The promoters of debt-laden Ruchi Soya sold about 1.07 crore shares on the open market on August 24.

The stakes were sold by various promoter groups of the company including Disha Foundation Trust and APL International.

Promoter companies such as Disha Foundation, Ruchi Infrastructure, Shahra Estate Private Limited and Arandi Investments have been selling stake in the company consistently between July and August, according to BSE data.

At the end of June 2018, promoter group entities were holding 48.63 per cent stake.

Beleaguered Ruchi Soya, which has a debt of about ₹12,000 crore as of December 31, 2017, is India’s largest edible oilseed extraction and refining company, with a capacity of 3.72 million tonnes per annum (mtpa).

Patanjali, Adani bids

On June 12, Adani Wilmar had emerged as the highest bidder with a ₹6,000-crore bid to acquire the company, pipping Baba Ramdev-led Patanjali Ayurved in the ongoing insolvency process.

Following a meeting of the Committee of Creditors (CoC) on August 24, the lenders decided to approve Adani’s bid.

However, on Friday (August 25), Patanjali moved the National Company Law Appellate Tribunal (NCLAT) challenging the lenders’ decision.

NCLAT, which heard the case on Monday, has posted September 7, as next date for hearing.

Adani Wilmar’s bid included ₹4,300 crore for repayment of loans and ₹1,714 crore for capital infusion.

Patanjali’s bid stood at about ₹5,700 crore, of which ₹4,065 crore was payable to the lenders and ₹1,700 crore earmarked for capital infusion.

In December 2017, Ruchi Soya Industries entered into the corporate insolvency resolution process (CIRP) and Shailendra Ajmera was appointed as the resolution professional (RP).

Resolution professional

Patanjali had earlier raised a “conflict of interest” issue to throw a spanner in Adani’s application.

It had asked the CoC to give details of the appointment of Cyril Amarchand Mangaldas as legal adviser to Ruchi Soya’s Insolvency Resolution Professional (IRP).

The law firm was also advising Adani Wilmar simultaneously.

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