SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD OCT 05
MCX SILVER DEC 04
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD OCT 05
MCX SILVER DEC 04
MCX CRUDEOIL OCT 19
MCX NATURALGAS SEP 25
USD/INR
EUR/INR
GBP/INR
JPY/INR

Stock Market Highlights: Market ends in the red for 4th day

Asian stocks fall on concerns about fresh lockdowns, banking sector

Oil refiners worldwide struggle with weak demand, inventory glut

Euro catched eye after ECB meet; pound shows resilience, dollar struggle continues

Legal

NCLT clears Patanjali Ayurved's Rs 4350-crore bid to take over Ruchi Soya

Updated : July 25, 2019 10:38 PM IST

Patanjali's offer includes Rs 4,325 crore towards settlement of various creditors' dues.

The secured financial creditors to get Rs 4053.19 crore against their claims of Rs 8377.42 crore.

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Patanjali Ayurved's bid for Ruchi Soya, the edible oil maker that owes banks over Rs 9,345 crore and around Rs 2,800 crore to other creditors.

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.

Patanjali Ayurved has offered Rs 4,350 crore to acquire Ruchi Soya. It's offer includes Rs 4,325 crore towards settlement of various creditors' dues and Rs 115 crore as equity infusion into Ruchi Soya.

Ruchi Soya owes 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 secured financial creditors will get Rs 4053.19 crore against their claims of Rs 8377.42 crore (48 percent recovery), while the unsecured financial creditors will get Rs 40 crore against their claims of Rs 1007.32 crore.

Also, operational creditors will get Rs 90 crore against their dues of Rs 2716.61 crore.

The NCLT had earlier reserved its order on the Rs 4,350-crore offer by Patanjali to take over the crippled edible oil firm and sought clarity on Rs 600-crore of part-funding committed as internal accruals for the acquisition.

You May Also Like

Coronavirus News: Country's highest single-day COVID tests of 1.94 lakh conducted in Bihar, says Nitish Kumar

Coronavirus News: Country's highest single-day COVID tests of 1.94 lakh conducted in Bihar, says Nitish Kumar

IL&FS case: Sebi raises penalty to Rs 1 crore each on ICRA, CARE

IL&FS case: Sebi raises penalty to Rs 1 crore each on ICRA, CARE

Stock Market Highlights: Market ends in red for 4th day, broader markets slip over 1%; all sectors end lower except IT index

Stock Market Highlights: Market ends in red for 4th day, broader markets slip over 1%; all sectors end lower except IT index

Trending on CNBC-TV18

Live TV

recommended for you