Shares of Ruchi Soya today hit their five per upper circuit limit as the lenders approved the Rs 6,000-crore bid of Adani Wilmar to acquire the debt-ridden edible oil firm.
Adani Wilmar’s bid was approved by the committee of creditors (CoC) with about 96 per cent votes in its favour. The resolution professional will now seek approval from the National Company Law Tribunal.
Following this development, Ruchi Soya shares opened on a bullish note and hit their upper circuit limit of Rs 9.42, up 5 per cent, over the previous closing price. On the NSE, the stock opened at Rs 9.45 and hit its 5 per cent upper circuit limit.
Adani Wilmar and Baba Ramdev’s Patanjali group have been engaged in a long-drawn battle to take over Ruchi Soya.
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 sought clarification from the resolution professional of Ruchi Soya on the eligibility of Adani Group to participate in the bidding process. It had also sought to know the parameters adopted by the resolution professional to declare Adani Wilmar as the highest bidder.