Patanjali gets Rs 3,200 crore loan from banks to acquire Ruchi Soya
Patanjali Ayurved led by Baba Ramdev has announced of having received a loan worth Rs 3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.
The National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya in September.
Patanjali has also claimed of having been sanctioned loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India, Rs 400 crore from Syndicate Bank and Rs 300 crore from Allahabad Bank.
Ruchi Soya went into insolvency in December 2017. NCLT had admitted the insolvency plea filed by two leading financial creditors Standard Chartered Bank and DBS Bank. Though later DBS Bank became a dissenting creditor and approached the National Company Law Appellate Tribunal challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
Ruchi Soya told the NCLT that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt. The amounts will be infused into a special purpose vehicle (SPV), Patanjali Consortium Adhigrahan Pvt Ltd, which will be later amalgamated with Ruchi Soya.
A committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya on 30th of April.
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