Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method.
Shares of Ruchi Soya Industries locked at 5 percent upper circuit as Adani group emerged as highest bidder for the company.
Adani's group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.
Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.
However, Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method.
Sources said lenders who have to recover about Rs 12,000 crore in outstanding loans from Ruchi Soya, were not happy with the initial bids, where in Patanjali was the top bidder with an offer of around Rs 4,300 crore followed by Adani at Rs 3,300 crore.
Under the Swiss Challenge method, Adani will get another chance to make an offer if Patanjali were to match or better its offer of about Rs 6,000 crore.
Apart from Patanjali and Adani, companies that had shown interest in acquiring Ruchi Soya were Emami Agrotech and Godrej Agrovet.
There were pending buy orders of 12,962 shares, with no sellers available.
At 12:09 hrs Ruchi Soya Industries was quoting at Rs 12.74, up Rs 0.60, or 4.94 percent on the BSE.With inputs from PTI