Baba Ramdev-led Patanjali Ayurved has completed the final step in the Rs 4,350-crore resolution plan to acquire debt-ridden edible oil firm Ruchi Soya, sources told CNBC-TV18.
Sources said Patanjali has completed the process of transfer of equity and debt portions to lenders.
The company has tied up with five banks- State Bank of India, Union Bank, Punjab National Bank, Syndicate Bank and Allahabad Bank - to finance the acquisition of Ruchi Soya. It had secured loans of around Rs 3,200 crore from the consortium of lenders.
As per earlier reports, the total admitted claims from financial creditors against Ruchi Soya stood at Rs 9,384 crore, while secured financial creditors would get Rs 4,053.19 crore. Under the resolution plan, workmen and employees were to be paid Rs 14.92 crore while unsecured financial creditors were to receive Rs 40 crore.
Ruchi Soya went into insolvency in December 2017. Following this, the insolvency plea filed by two lead creditors — Standard Chartered Bank and DBS Bank — was admitted by the NCLT.
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