Insolvency: Patanjali, Adani asked to submit updated bids for Ruchi Soya

Ruchi Soya’s lenders have asked Patanjali Ayurved and Adani Wilmar to submit updated bids in lieu of acquiring the stressed firm, a source confirmed the development to Business Standard. The first round of bidding revealed that Patanjali had made an offer to acquire Ruchi Soya for Rs 43 billion, which is around 30 per cent higher than the offer made by Adani at Rs 33 billion. 

This is not an invitation for a second round of bidding as that would entail fresh bids from other companies but instead Patanjali and Adani have been asked to submit updated bids to be in