Ruchi Soya disposes shares of subsidiary for Rs 100

Edible oil firm Ruchi Soya Industries, which is owned by Patanjali Ayurved, on Tuesday, informed bourses that it has sold the shares of its subsidiary Ruchi Worldwide to Sanatan Multi Skill Development and Education for Rs 100. The sale of the unit is as per the court-approved resolution plan.

The company said Ruchi Worldwide's net worth was negative Rs 1,009.68 crore as on March 31, 2019.

The share purchase agreement with the buyer for disposal of 99,40,700 equity shares of Rs 10 each was executed on March 27, 2020. Out of the these, 99,39,200 shares were transferred in favour of the buyer on November 23, 2020.

“As per the valuation report from independent valuer, the fair value of shares of Ruchi Worldwide Limited was negative," Ruchi Soya said adding that the shares were, therefore, sold for a consideration of Rs 100 only.

The update came post market hours. Earlier in the day, shares of Ruchi Soya settled 4.99 per cent up at Rs 716.85. On the other hand, the benchmark BSE Sensex settled nearly 446 points or 1.01 per cent, higher at 44,523.