AdaniNSE 1.49 % Wilmar has decided not to revise its bid of Rs 5,474 crore for the bankrupt Ruchi Soya, said two senior banking officials.
The joint venture between the infrastructure conglomerate founded by Gautam Adani and Singapore’s Wilmar had emerged as the highest bidder for Ruchi Soya while Patanjali Ayurved had offered Rs 5,765 crore. Adani Wilmar allocated Rs 4,300 crore toward repaying lenders against Rs 4,065 crore by Patanjali. As per the evaluation matrix, the settlement of loans has a higher weightage than infusion of funds for running the company.
Patanjali has until Saturday morning to decide whether to improve upon the Adani Wilmar offer. If Patanjali does so, Adani Wilmar will be given another 48 hours to come up with a revised bid.
Lenders had decided to give Adani Wilmar a chance to improve its offer in keeping with the spirit of the Central Vigilance Commission’s guideline that lenders should negotiate with the highest bidder while selling a product or service in order to maximise returns.
