Patanjali Ayurveda has raised its bid to acquire Ruchi Soya and had made the revised offer to the Committee of Creditors (CoC) for the debt ridden company, sources said.
The latest bid is around 30 per cent higher than that of the Adani group, which is also in the race to acquire the company with its offer of around Rs 3,300 crore, the sources said.
The new offer was made after the representatives of Baba Ramdev-led Patanjali group met the CoC of Ruchi Soya, said a sources, adding that they had asked the group to sweeten the offer.
Patanjali has also assured the lenders that it would invest extra capital required to revive the company.
Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya.
The CoC of the company is meeting tomorrow and may finalise the bids.
When contacted, Patanjali spokesperson S K Tijarawala said: "Tomorrow CoC is meeting and we are waiting for the outcome."