India: Debt-laden Ruchi Soya sells over 10m shares in open market

India: Debt-laden Ruchi Soya sells over 10m shares in open market

Photo: Mint

Ruchi Soya Industries’ promoters have sold 1.06 crore shares, worth 3.18% stake, through open market transactions. even as Adani Wilmar Ltd and Baba Ramdev’s Patanjali Ayurved battled to acquire the debt-ridden firm. Lenders of Ruchi Soya, which is facing bankruptcy proceedings under the insolvency and bankruptcy code, have approved Adani Wilmar’s Rs6,000 crore debt resolution offer. Patanjali, however, has sought quashing of the acquisition bid on grounds that Adani Wilmar’s managing director Pranav Adani is related to Vikram Kothari, the earlier promoter of Rotomac Group—a bankrupt firm.

Ruchi Soya’s promoter entity Disha Foundation Trust sold 1.06 shares on 24 August—lowering the promoters’ stake in the company to 38.88% from 42.06%, the company said in a BSE filing today.

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