INSUBCONTINENT EXCLUSIVE:
Ruchi Soya Industries jumped early Monday after reports that Baba Ramdev-promoted Patanjali Ayurved is likely to submit a revised bid today
Patanjali is in race with the Adani group to take over the bankruptcy-hit Ruchi Soya
Lenders of the edible oil firm have decided to hold a fresh round of resolution between the two contenders to maximise asset value.
The
scrip was up 1.18 per cent at Rs 12.90 at around 9.30 am
It opened at Rs 13.15 and touched a high and low of Rs 13.38 and Rs 12.20, respectively, so far
The benchmark Sensex was up 145 points, or 0.41 per cent, at 35,589.
The Committee of Creditors (CoC) in its last meeting held on May 30 had
set the stage for an aggressive bidding between the two suitors for Ruchi Soya to maximise the value of the assets, according to PTI, adding
that the CoC in consultation with the independent evaluator has decided to take a Swiss challenge.
The Patanjali group has submitted its
undertaking of having no objection to the 'Swiss Challenge' process adopted by the lenders, as per the report.
Ruchi Soya has a total debt
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 entered the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed interim
resolution Professional (IRP).
