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

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.