Patanjali Group, led by Yoga Guru Baba Ramdev, is moving forward in the direction of the biggest acquisition. The lenders approved the bid for Patanjali Ayurveda of 4,325 crores for the acquisition of the debt-laden edible oil company Ruchi Soya. Sources told this information.
Patanjali has acquired Ruchi Soya in the loan refinance auction. The lenders started the auction for recovery of a debt of Rs 9,300 crore.
Patanjali was the sole bidder
Patanjali remained the sole bidder for the interest of the domestic company Ruchi Soya, which was made after the departure of Adani Wilmar from the bid. Adani Wilmer was selected as the biggest bidder a few months ago. Despite this, he decided to withdraw from the bid.
According to sources, the lenders approved the revised bid of Patanjali’s Rs 4,325 crore on Tuesday. About 96 percent of the votes were in favor. With the acquisition of Ruchi soya, Patanjali will be a big company in the case of soybean oil and other products.
Rs 9,345 crore dues on Ruchi Soya
It is notable that the National Company Law Tribunal (NCLT), under the lenders Standard Chartered Bank and DBS Bank, had sent the Ruchi Soya for the purpose of loan settlement proceedings. Shailendra Ajmera was appointed as a Solution Professional for loan redressal proceedings. Ruchi Soya Industries has an outstanding of Rs 9,345 crore.
These banks have given loans to the company
In the financial lenders, State Bank of India has lent a loan of Rs. 1800 crores. Thereafter, the position of Central Bank of India (Rs 816 crore), Punjab National Bank (Rs 743 crore) and Standard Chartered Bank India (Rs 608 crore) are in this order.