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Shares of edible oil producer Ruchi Soya Industries Ltd climbed as much as 4.7 per cent to hit their upper price limit at Rs 13.35 as the company had said on Wednesday that its committee of lenders had declared Adani Wilmar Ltd as the highest bidder, and Patanjali Ayurveda-led consortium as second-highest bidder.
Adani Wilmar has emerged as the highest bidder to acquire the beleaguered Ruchi Soya, pipping Baba Ramdev-led Patanjali Ayurved in the ongoing insolvency process. Adani Wilmar’s bid of about Rs 6,000 crore gave the company the H1 status. This included Rs 4,300 crore for repayment of loans and another Rs 1,714 crore by way of capital infusion.
Baba Ramdev’s Patanjali Ayurved, which is in race to acquire bankruptcy-bound Ruchi Soya, has been given time till June 16 to match or better the highest bid of about Rs 6,000 crore offered by Adani Wilmar.
On Tuesday, a Committee of Creditors met to open the bids submitted by Adani Wilmar and Patanjali group in the fresh round of auction under the Swiss Challenge method.
More than 2.4 million shares traded against 30-day moving average of 7.8 million. Up to Wednesday's close, the stock had fallen about 32 per cent this year.
(With inputs from Reuters)
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