Patanjali gets time till June 16 to sweeten Ruchi Soya bid

Baba Ramdev's Patanjali Ayurved, which is in race to acquire bankruptcy-bound Ruchi Soya, has been given time till June 16 to match or better the highest bid of about Rs 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 on Wednesday confirmed that the CoC declared Adani Wilmar 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 update us about the bid value of H1. We have to submit the revised and improved bid by June 16," Patanjali spokesperson S K Tijarawala said. Gautam Adani's group company Adani Wilmar offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of Ruchi Soya while Patanjali Ayurved bid for around Rs 5,700 crore, sources said on Tuesday.