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The shares of edible oil refiner Ruchi Soya hit the 10 per cent upper circuit at ₹9 for the second day on Friday, before closing at ₹8.93, up 9.04 per cent, on the BSE. Earlier on Thursday, the shares were locked in upper circuit throughout the day at ₹8.19. Approval from lenders of Ruchi Soya for the revised takeover offer from Patanjali Ayurved appears to be the reason for the spike in share price. The Committee of Creditors of Ruchi Soya gave their approval for the revised bid on Tuesday. The revised proposal of ₹4,350 crore in cash upfront by Patanjali was nearly ₹200 crore more than it had offered earlier. Ruchi Soya has total outstanding dues of about ₹12,000 crore, with around ₹9,345 crore owed to its financial creditors led by SBI.
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