Patanjali has received National Company Law Tribunal (NCLT) approval to acquire Ruchi Soya for Rs 4,350 crore. The NCLT approval comes after it dismissed the petitions filed by Standard Chartered Bank and Singaporean lender DBS, which had both challenged the low bid by Patanjali and the resultant lower payout.
The company owed over Rs 9,345 crore to financial creditors led by State Bank of India, which has an exposure of Rs 1,800 crore, followed by Central Bank at Rs 816 crore, Punjab National Bank at Rs 743 crore and StanChart at Rs 608 crore and DBS at Rs 243 crore. Thus the resolution comes at over Rs 60 percent haircut to the lenders.
The NCLT had concluded the hearing on the case on May 10 and reserved its order on the Rs 4,350 crore offer by Patanjali to take over the crippled edible oil firm. Reserving the order it had sought clarity on Rs 600 crore of part- funding committed as internal accruals for the acquisition.
Ruchi Soya Industries is a leading manufacturer and India’s largest marketer of healthier edible oils, soya food, premium table spread, vanaspati and bakery fats. It is also the highest exporter of soya meal, lecithin and other food ingredients from India.
| Company Name | CMP |
|---|---|
| AWL Agri Business | 185.05 |
| Patanjali Foods | 469.15 |
| Gokul Agro Resources | 205.75 |
| Marico | 757.05 |
| BCL Industries | 33.44 |
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