BOGOTA, Nov 19 (Reuters) - Colombia's financial regulator has given the green light for a majority takeover of food processor Nutresa, according to a source close to the operation and Colombia's stock exchange.

With the authorization of the financial regulator bidder Nugil SAS, which is controlled by Grupo Gilinski, will be free to negotiate with Nutresa's shareholders.

Nutresa, Colombia's largest processed food producer, received an offer to acquire between 50.1% and 62.62% of its circulating shares, with an offer price of $7.71 per share.

Depending on how many shares are bought, the deal would see a value of $1.77 billion to $2.22 billion, according to Reuters calculations of stock market data.

The approval came after Nugil SAS registered a guarantee worth $1.08 billion to fund the purchase to Colombia's stock exchange.

The guarantee has the backing of conglomerate Royal Group, whose chairman is Sheikh Tahnoun bin Zayed Al Nahyan, a brother of the de facto ruler of the United Arab Emirates.

Nutresa operates around Latin America, as well as in the United States and Malaysia. It makes processed meat, cookies, chocolate, coffee, pasta and ice cream and has a line of restaurants and ice cream shops.

Among its top shareholders are conglomerates Grupo SURA , Grupo Argos and pension fund Porvenir.

Trading in Nutresa shares was suspended following the offer on Nov. 11, though trading could restart on Monday. (Reporting by Carlos Vargas Writing by Oliver Griffin; Editing by Michael Perry)