Ruchi Soya jumps 20% after Ramdev-owned Patanjali Ayurved makes highest bid
Ramdev-owned Patanjali Ayurved has made a bid of Rs 4,000-4,500 crore for Ruchi Soya, beating Adani Wilmar, Godrej Agrovet and Emami’s offers, reported TOI, quoting sources.
Ruchi Soya share price rallies 7 per cent on Monday following news reports that Patanjali Ayurved is said to have made the highest bid for the debt-ridden edible oil and soya foods maker. Ramdev-owned Patanjali Ayurved has made a bid of Rs 4,000-4,500 crore for Ruchi Soya, beating Adani Wilmar, Godrej Agrovet and Emami’s offers, reported TOI, quoting sources.
Reacting to the news, the stock surged as much as 19.77 per cent to Rs 16 in intraday trade. The stock settled 7 per cent higher at Rs 14.35 on the BSE. In the last one year, Ruchi Soya has shed over 45 per cent by today's close.
Adani Wilmar has made the second highest offer for Ruchi Soya, while Malaysia’s Sime Darby Plantation and Sakuma Exports have also submitted expression of interest.
Indore-based Ruchi Soya, which is facing insolvency proceedings, has a debt of about Rs 10,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera Patanjali, Adani Wilmar, Emami Agrotech and Godrej Agrovet put in bids to acquire debt-ridden edible oil firm Ruchi Soya.
The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.