INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Ruchi Soya hit a 5-per cent upper circuit limit
on Friday after lenders to the largest domestic edible oil
manufacturer approved the Rs 6,000 crore bid takeover bid by Adani Wilmar.
Adani Wilmar's bid was approved by the committee of creditors
(CoC) with about 96 per cent votes in favour
The resolution professional (RP) will now seek approval from the National Company Law Tribunal (NCLT), sources told PTI
The stock rose 5 per cent to Rs 9.42 on the BSE early today.
Adani group firm Adani Wilmar, which sells cooking oil under Fortune brand,
and Baba Ramdev-led Patanjali were in the fray to acquire Ruchi Soya
While Adani Wilmar emerged as the highest bidder with Rs 6,000 crore offer, Patanjali group came second with a Rs 5,700 crore bid
Following this, Patanjali Ayurved had also sought clarification from the RP of Ruchi Soya related to eligibility of the Adani group to
participate in the bidding process
