INSUBCONTINENT EXCLUSIVE:
Authors: JordanShares of Ruchi Soya Industries advanced as much as 15 per cent in early trade on Monday after reports that Baba Ramdev-led
Patanjali Ayurved is said to have made the highest offer for the debt-ridden edible oil and soya foods maker that is undergoing bankruptcy
process.
Ruchi Soya faces claims of Rs 12,000 crore and was pushed into the auction process as part of government’s drive to clear bad
loans choking credit at Indian banks.
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
Adani Wilmar has made the second highest offer for Ruchi Soya, according to a report by TOI.
After rising 15 per cent in early trade, the
scrip wiped off some of its initial gains and was trading 11.19 per cent up at Rs 14.90 at around 9.33 am (IST), while BSE Sensex was up
107.81 points, or 0.31 per cent, up at 35,023 at around the same time.
Ruchi Soya, famous for its Nutrela soya products, is Patanjali’s
first big merger and acquisition play.
Shares of Ruchi Soya had hit their 52-week high of Rs 33.75 on November 2, 2017 and fresh 52-week low
of Rs 11.30 on May 3, 2018.
Patanjali already has a tie-up with Ruchi Soya for edible oil refining and packaging.
