Mumbai: Patanjali Ayurved sought more time from the National Company Law Tribunal to file a detailed resolution plan for edible oil firm Ruchi Soya which it has agreed to take over for Rs 4,325 crore. The company owes Rs 9,345 crore to the lenders led by SBI who Tuesday agreed, with around 96 percent vote, to go with the second revised bid by the company promoted by yoga practitioner Ram Dev.
Its initial offer was Rs 4,160 crore along with an Rs 1,700 crore working capital. The deal leaves the banks with a huge haircut of over 51 percent of the debt. When contacted, Patanjali spokesman SK Tijarawala confirmed the bid approval. “We are informed about the development. Tomorrow they would give us the voting result and then we would proceed further,” he said.
