Ways2Capital Reviews : Ruchi Soya Gains Aafter Co Gives Updates About Bidding

Bankruptcy-bound Ruchi Soya’s stocks were up 4.95% after the company provided an update regarding its bidding process. In a BSE filing, it clarified that though Adani Wilmar Ltd. was the highest bidder and the consortium led by Patanjali Ayurveda Ltd. stood as the second-highest bidder, the company has followed the Swiss Challenge approach to arrive at a final applicant.

The Swiss Challenge approach is a unique bidding process, wherein any private firm or individual with credentials can submit a development proposal for an enterprise or government authority. This proposal is then put up online, and a third party can suggest ways to improve this proposal. If counter proposals emerge, the entity that had put up the initial proposal gets an opportunity to rival, match or rectify their original proposal. However, if they fail to do this, the authorities can accord the contract to the highest bidder.

Thus, Rucha Soya has given both Adani Wilmar and Patanjali Ayurveda the chance to review and revise their proposals.

Ruchi Soya Industries Ltd is currently trading at Rs13.37 up by Rs0.63 or 4.95% from its previous closing of Rs12.74 on the BSE.

The scrip opened at Rs13.09 and has touched a high and low of Rs13.37 and Rs12.99 respectively. So far 29,15,344 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs425.64cr.
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About Bhoomi Desai