Stock Market

Ruchi Soya moves up 3% as bidding hots up

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NEW DELHI: Ruchi Soya Industries pulled higher by 3 per cent on Wednesday as Adani Wilmar emerged as the highest bidder for the bankrupt firm. Adani Wilmar, a joint venture between the infrastructure conglomerate founded by Gautam Adani and Singapore’s Wilmar, has trumped Ramdev-backed Patanjali Ayurved, ET reported. At 9.40 am, the stock was ruling 2.97 per cent higher at Rs 12.55 on the BSE.

Declaration of the winner will have to wait as banks and the resolution professional (RP) settle conflict of interest issues and the two are allowed to better each other’s offer, two people with knowledge of the matter told ET.

The JV has offered to settle Rs 4,300 crore of debt and invest Rs 1,174 crore in equity to revive the struggling firm, they said.




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Category: Stock Market


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