INSUBCONTINENT EXCLUSIVE:
Creditors of Ruchi Soya will receive a maximum of Rs 4,240 crore in repayments.India's company court approved a bid by a group of firms
controlled by yoga guru Ramdev to take over cooking oil and soya-products maker Ruchi Soya Industries Ltd
for Rs 4,350 crore.Patanjali Consortium Adhigrahan Pvt
-- a venture by Patanjali Ayurved Ltd
and three other companies -- will merge with Ruchi Soya, according to a stock exchange filing late Saturday
Shareholders of Patanjali Consortium will get one share of Ruchi Soya for each that they hold in the former.Creditors of Ruchi Soya will
receive a maximum of Rs 4,240 crore in repayments, a 65 per cent haircut to the verified claims of about Rs 12,100 crore, according to the
The remaining Rs 110 crore will be used to finance the expansion of Ruchi Soya after the merger.Shares of Ruchi Soya gained 1.1 per cent to
Rs 4.60 in Mumbai on Friday
They have slumped 49 per cent this year, headed for a ninth straight annual decline.Get Breaking news, live coverage, and Latest News from
India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
