Riddhi Siddhi Gluco Biols (RSGBL) has frozen upper circuit of 20% at Rs 259 on reports that it has sold its starch business to the world's third-largest player Roquette Freres for Rs 950 crore.
The company had recently got a go-ahead from the Gujarat high court to de-merge and transfer its manufacturing and warehousing business to a new entity Riddhi Siddhi Corn Processing.
The French company already owns a 14.9% stake in RSGBL will buy about 60% stake in this new entity. The company will invest the money received through the deal to fuel its power business and erase debts, the report suggests.
As many as around 11,000 shares have already changed hands on the counter in morning deals against an average 3,300 shares that were traded daily in past two weeks. There are pending buy orders for 6,900 shares on the Bombay Stock Exchange.
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