Patanjali Ayurved led by Baba Ramdev got NCLT (National Company Law Tribunal) approval to acquire Ruchi Soya in an insolvency process. It will charge over Rs 3,438crore as debt and equity to settle creditor’s dues of the debt-laden firm
ET reports, Ruchi Soya informed exchanges that the NCTL, Mumbai in its order dated Spetember 6 approved Patanjali’s Rs 4,350crore resolution plan with certain modifications that were accepted by the bidder.
Patanjali to infuse Rs 204.75crore as equity and Rs 3,233.36crore as debt, informed Ruchi Soya.
Another 900crore will be infused through non convertible debentures and preference shares in SPV. It claims to provide credit of around 12crore.
In the month of April, a board of creditors approved the Patanjali’s plan to take over Ruchi Soya which was into edible oil retail. The bid approved by NCLT is binding the company and others associated with the entire process.
Rs 115crore out of Rs 350crore offered by Patanjali group would be utilized for capital expenditure and working requirements of Ruchi Soya the rest will be to pay creditors.
As per the filing, Rs 4,053.19crore will be paid to secured financial creditors, Rs 40 crore to unsecured financial creditors, Rs 90crore to operational creditors, Rs 25 crore to clear statutory dues, Rs 14.92 crore to workmen/employees and Rs 11.89crore to provide counter bank guarantee, stated the article by ET
Ruchi Soya includes many manufacturing plants and its leading brands are Nutrela, Mahakosh, Ruchi Star, Ruchi Gold and Sunrich.
The Indian FMCG major Patanjali almost looked down after rival Adani Wilmar decided to withdraw from the race inspite of being selected as highest bidder.