Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
Baba Ramdev-led Patanjali Ayurved-owned Ruchi Soya on Thursday hit the capital market to raise Rs 4,300 crore through its follow-on public offer (FPO) as it aims to become a debt-free company. The issue closes on March 28. The price band has been fixed at Rs 615 to Rs 650 per share. Addressing a press conference here, Ramdev said the company has launched its FPO despite volatility in the stock market because of the war between Russia and Ukraine.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
The revised offer will mean the lenders will have to write off 60 per cent of their dues.
Baba Ramdev-led Patanjali Ayurved Ltd will sell its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
At the heart of the bidding war is the firm's edible oil refining capacity
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
Ruchi Soya Industries on Tuesday announced the acquisition of biscuits business from Patanjali Natural Biscuits Pvt Ltd (PNBPL) in a slump sale at Rs 60.02 crore.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
Patanjali Foods Ltd on Thursday said food regulator FSSAI has directed the company to recall a specified batch of packed red chilli powder due to non-conformity with food safety norms. The Food Safety and Standards Authority of India (FSSAI) issued an order in this regard on January 13, the company said in a regulatory filing.
Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. The yoga guru Ramdev-led Patanjali Ayurved Group firm, which is mainly into the edible oil business, has received the notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit, according to a regulatory filing made by the company on April 26.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday. The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said. OFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
Overseas direct investment by Indian companies fell by over 53 per cent year-on-year to $1.16 billion in July 2014, as per RBI data.
Temptation Foods, the Mumbai-based frozen foods exporter, is all set to revive talks with Marico Industries for buying the food brands Sil and Meal Maker, after receiving the approval of its shareholders to raise Rs 150 crore.
In the last one year, the Sensex has fallen 2.17 per cent, while the BSE midcap index has risen 2.08 per cent. And, there is scope for value picking that can yield good returns.
The son of a corporate honcho was arrested in a hit-and-run case in which a motorcyclist was seriously wounded, while a minor girl was killed and three others injured in two separate road accidents in south Mumbai, police said on Tuesday.
"This is historic that our maiden issue of Rs 250 crore NCD is fully subscribed within 3 minutes of opening of the issue... This shows the excitement and faith of investors, said Patanjali Ayurved Managing Director Acharya Balkrishna.
The SC bench said that the Yog Guru cannot "abuse the doctors and the systems (of treatment)..It is better to restrain him".
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
Industry players credit Sebi's first woman chairperson with putting special emphasis on cyber security, use of tech and data, areas where Sebi is trying to 'stay ahead of the curve'.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Baba Ramdev's Patanjali Ayurved is considering bidding for the title sponsorship of the upcoming Indian Premier League, according to a company official.
Stock exchanges NSE and BSE have freezed shares of promoters of Baba Ramdev-led Patanjali group firm Patanjali Foods, but the company said the decision will not have any impact on its functioning. Patanjali Foods Ltd, erstwhile Ruchi Soya Industries, on Thursday said the freezing of its promoters' shareholding in the company "will not have any impact" on its financial position and functioning of the company. On Thursday, Patanjali Foods Ltd (PFL) informed that leading bourses BSE and NSE had frozen shares of its 21 promoter entities, including Patanjali Ayurved for failing to meet minimum public shareholding norms.
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Gujarat's Amul bagged the top slot with 7.2 per cent share, followed by Mother Dairy and Britannia Industries.
Through increase in import duty, the government aims to help domestic oilseed crushers and edible oil producers who suffered badly last year due to cheap imports
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
In its latest campaign, Dalda is stressing that it's now a refined oil brand and no longer just a vanaspati offering.
The 30-share Sensex ended up 33 points at 27,241.78 and the 50-share Nifty ended up 27 points at 8,200.70.
While both Dabur and HUL have been aggressive in the 'naturals' market with new launches across its portfolio, unchecked distribution expansion and inconsistent quality of products have also been at the heart of Patanjali's problems.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
Broader markers outperformed their larger peers.
The NSE 50-share Nifty spurted 97.25 points, or 0.92 per cent, to 10,715.50
After acquiring Grama Vidiyal Microfinance last year, IDFC Bank is looking for opportunities to strengthen its retail capabilities, says Rajiv Lall, its chief,
Dabur has launched 44 products during the year.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
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