Patanaji sought help from state-run banks to buy Ruchi Soya
Patanaji sought help from state-run banks to buy Ruchi Soya
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New Delhi: Patanjali Ayurved has sought help from state-run banks to fund its Rs 4,350 crore acquisition of Ruchi Soya Industries.

According to the report, in April, Yoga guru Baba Ramdev-promoted Patanjali Ayurved acquired the debt-ridden edible oil company Ruchi Soya with a bid of Rs 4,325 crore in an insolvency auction started by lenders to recover over Rs 9,300 crore loans. 

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According to the report of Economic Times. The homegrown FMCG major is actively considering raising debt with a maturity of five years and above from State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank and Jammu & Kashmir Bank, people aware of the development.

The report further added, the company is all set to join hands with the lenders to raise over Rs 3,700 crore while Rs 600 crore will be generated through internal accruals.

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The  Ruchi Soya Industries has dues of about Rs 9,345 crore to financial creditors. State Bank of India (SBI) has the maximum exposure of approximately Rs 1,800 crore, followed by Central Bank of India Rs 816 crore, Punjab National Bank Rs 743 crore and Standard Chartered Bank-India Rs 608 crore.

After the acquisition of Ruchi Soy, Patanjali will become a key producer of soybean oils and other products.

 

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