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Patanjali's proposed acquisition of Ruchi Soya reaches final stage, says report

Patanjali's proposed acquisition of Ruchi Soya reaches final stage, says report

Patanjali's proposed acquisition of Ruchi Soya reaches final stage, says report
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By CNBC-TV18 Apr 11, 2019 8:33:34 AM IST (Published)

Baba Ramdev's Patanjali Ayurved is close to acquiring Ruchi Soya as the deal has reached the final stages with the Committee of Creditors (CoC) meeting on Tuesday to clear the proposal, The Economic Times reported.

Baba Ramdev's Patanjali Ayurved is close to acquiring Ruchi Soya as the deal has reached the final stages with the Committee of Creditors (CoC) meeting on Tuesday to clear the proposal, The Economic Times reported.

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The deal is likely to be announced this month, the report said citing two officials directly aware of the developments, adding that a Patanjali spokesperson confirmed a CoC meeting on Tuesday but refused to divulge further details.
In March, Patanjali revised its offer to acquire Ruchi Soya Industries to Rs 4,350 crore, which was higher than Adani Wilmar's bid of Rs 4,100 crore. In December, Adani Wilmar pulled out of the acquisition citing a delay in the insolvency process.
Patanjali, out of the Rs 4,350 crore, will provide Rs 115 crore as company equity and the balance Rs 4,235 crore will be distributed among financial creditors, the newspaper said.
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