Ruchi Soya soars on stake-buy news; ITC, Patanjali show interest

Debt-ridden Ruchi Soya Industries Ltd’s share prices rose over 10 per cent on Friday in intra-day deals, on reports of at least 26 Indian and foreign conglomerates making a beeline to acquire a 51 per cent stake in the company.

BusinessLine on Friday reported that the company, which is currently undergoing bankruptcy proceedings, received bids that quoted anywhere between ₹8,000 crore and ₹10,000 crore for the majority stake.

Ruchi Soya is the country’s largest edible oil-maker.

READ THE STORY : Debt-laden Ruchi Soya attracts bids up to ₹10,000 cr for 51% stake

According to sources, this could be perhaps the largest number of bidders for a company that is undergoing debt restructuring process under the National Company Law Tribunal. The company was expecting to complete the deal by June, one of the sources said.

Ruchi Soya shares ended up 9.88 per cent at ₹18.35 on a weak BSE, which closed down 1.51 per cent on Friday. The stock opened at 16.95 and traded between Rs 16.95 and Rs 19.10 in intra-day deals.