Patanjali may revise its bid for Ruchi Soya
NEWDELHI:Baba Ramdev’s Patanjali Ayurved, which is in the race to acquire bankruptcy-bound Ruchi Soya, has been given time till 16 June to match or better the highest bid of about ₹6,000 crore offered by Adani Wilmar.
On Tuesday, a Committee of Creditors (CoC) met to open the bids submitted by Adani Wilmar and Patanjali group in the fresh round of auction under the Swiss Challenge method.
Ruchi Soya in a regulatory filing on Wednesday confirmed that the CoC declared Adani Wilupdate mar as H1 (highest) bidder and Patanjali stood as H2 (second highest). “We have been informed by the CoC that as per our bid, we are H2 and they will us about the bid value of H1. We have to submit the revised and improved bid by June 16,” Patanjali spokesperson SK Tijarawala told PTI.
Billionaire Gautam Adani’s group company Adani Wilmar, which sells edible oil under Fortune brand, offered about ₹6,000 crore to emerge as the highest bidder for acquisition of Ruchi Soya while Patanjali Ayurved bid for around ₹5,700 crore, people aware of the matter had said on Tuesday.
However, Patanjali has a right to match the offer under the Swiss challenge method adopted by the lenders. The CoC has decided to conduct Swiss challenge method to maximise the asset value of Ruchi Soya.
On Tuesday, Tijarawala had raised question over the neutrality of the process citing media reports of resignation of law firm Cyril Amarchand Mangaldas as advisor of Adani Wilmar. The law firm is also advising the Ruchi Soya’s resolution professional.
“We are surprised and sought details from CoC. We have written letter on the issue of resignation of Cyril Amarchand Mangaldas,” he had said.
(Sounak Mitra contributed to this story)