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Adani Wilmer secures Rs 4,000 credit line from Standard Chartered, DBS Bank for Ruchi Soya acquisition
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Adani Wilmer secures Rs 4,000 credit line from Standard Chartered, DBS Bank for Ruchi Soya acquisition

FP Staff • June 21, 2018, 19:42:32 IST
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Patanjali, which was declared as the second-highest bidder (H2), did not submit a revised bid to match or better the highest offer, tabled by Adani Wilmar

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Adani Wilmer secures Rs 4,000 credit line from Standard Chartered, DBS Bank for Ruchi Soya acquisition

Adani Wilmer, which has placed the highest offer of Rs 6,000 crore to acquire bankruptcy-bound Ruchi Soya Industries, has reportedly secured a Rs 4,000 crore credit line from the target’s lenders – Standard Chartered Bank (SCB) and DBS Bank, according to a media report. The loan from the two banks comes with a tenure of 18 months. “This is secured with the existing facilities, which both the banks have with Ruchi Soya as well as corporate guarantees from Adani Wilmar,” an unnamed source was quoted as saying by The Economic Times. Baba Ramdev’s Patanjali Group, which is also in the race to acquire the edible oil maker, on 19 June, sought more information related to the bid submitted by rival Adani Group and also on the appointment of a legal advisor of the resolution professional. [caption id=“attachment_4307155” align=“alignleft” width=“380”]File image of Gautam Adani. Reuters File image of Gautam Adani. Reuters[/caption] According to sources, Patanjali , which was declared as the second-highest bidder (H2), did not submit a revised bid to match or better the highest offer, tabled by Adani Wilmar. The company was to submit its revised bid under the Swiss Challenge system by 16 June. The Commitee of Creditors (CoC) would have to decide on whether to give a fresh deadline to Patanjali to submit a revised bid or declare Adani Wilmar the winning bidder. However, sources said that Patanjali Ayurveda has sought more information from Ruchi Soya’s lenders. The company wants to know the parameters based on which the Adani group has been declared as the highest bidder (H1), they said. In September 2017, SCB and DBS initiated insolvency proceedings against edible oil maker Ruchi Soya Industries Ltd. The two banks had filed petitions to begin the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT). According to the Mint, Ruchi Soya’s outstanding default payment to SCB worth Rs 33.64 crore was due on 1 February 2017, while payments worth Rs 150.74 crore were due to DBS on 6 March and 27 March 2017. Ruchi Soya, which is facing insolvency proceedings, has a total debt of about Rs 12,000 crore. The company operates several manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. With inputs from PTI

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