Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an insolvency process, plans to infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the company.
Patanjali group will pump in Rs 204.75 crore as equity and Rs 3,233.36 crore as debt, according to Ruchi Soya, Ruchi Soya informed the stock exchanges.
The amount will be infused in a special purpose vehicle ‘Patanjali Consortium Adhigrahan Pvt Ltd’, which will be later amalgamated with Ruchi Soya.
The edible oils firm said 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.
Patanjali would infuse another Rs 900 crore through subscription of non-convertible debentures and preference shares in the SPV. The committee of creditors of Ruchi Soya in April this year had approved the Patanjali group’s Rs 4,350 crore resolution plan to take over the company. The lenders will have to take a haircut of around 60%.
Out of the Rs 4,350 crore offered by Patanjali group, Rs 4,235 crore would be utilised to pay creditors while Rs 115 crore would be used for capital expenditure and working capital requirements of Ruchi Soya.
About Rs 4,053.19 crore will be paid to secured financial creditors, Rs 40 crore to unsecured financial creditors, Rs 90 crore to operational creditors, Rs 25 crore to clear statutory dues, Rs 14.92 crore to workmen/employees and Rs 11.89 crore to provide counter bank guarantee. A monitoring committee will be constituted to oversee the process.