Ruchi Soya: Patanjali gets time till May 7 for filing resolution plan

With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products

Patanjali Ayurved Wednesday 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 SBI, RamdevTuesday agreed, with around 96 per cent vote, to go with the second revised bid by the company promoted by yoga practitioner Ramdev.

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