Scrip ends 4.5% higher; PE investor to invest 4,000 cr to pick up select branded oil biz
Chennai, November 2:
Global private equity major Devonshire Capital will pick up 51 per cent equity in Ruchi Soya Industries (RSIL) and acquire certain branded packaged oil distributions for 4,000 crore. The board of RSIL on Thursday approved signing of a binding term sheet with Devonshire for investment in the company through acquisition of a majority stake, including issue of fresh equity.
In a statement to the stock exchanges, RSIL said Devonshire will acquire 51 per cent equity stake in the company according to SEBI guidelines post approval from creditors and other statutory/ regulatory approvals.
Besides taking majority stake,…
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