NEW DELHI: Baba Ramdev-led Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an insolvency process, will infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the debt-laden firm.
Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its order dated September 6 approved Patanjali’s Rs 4,350 crore resolution plan with certain modifications that were accepted by the bidder.
Ruchi Soya informed that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
The amount will be infused in a special purpose vehicle ‘Patanjali Consortium Adhigrahan Pvt Ltd’, which will be later amalgamated with Ruchi Soya.
Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide credit guarantee of nearly Rs 12 crore.
On April 30 this year, a committee of creditors had approved the Patanjali group’s Rs 4,350 crore resolution plan to take over Ruchi Soya, which is into edible oil business. Lenders will have to take a hair cut of around 60 per cent.
The bid, approved by the NCLT, is binding on Ruchi Soya as well as its employees, members creditors, guarantors and other stakeholders involved, the filing added.
Source: Press Trust of India