Patanjali Ayurved’s proposed acquisition of Ruchi Soya Industries Ltd has reached the final stages, with the Committee of Creditors (CoC) on Thursday meeting to decide on the Patanjali’s revised offer of Rs 4,325 crore, multiple people familiar with the matter told CNBC-TV18.

The CoC will vote on Patanjali Ayurved’s resolution plan today and the e-voting will remain open for the next 24 hours, said one of the sources mentioned above on condition of anonymity.

Baba Ramdev-led Patanjali is likely to have offered Rs 115 crore as the company equity while remaining as upfront payment to the lenders of Ruchi Soya, said the sources.

State Bank of India, Central Bank of India, Punjab National Bank, Corporation Bank, ICICI Bank, IDBI Bank and Bank of India are among the key lenders.

A Patanjali spokesperson told CNBC-TV18 that the process is underway and that they have clarified all the technical issues.

The move comes after Adani Wilmar withdrew its offer. The firm was declared as the highest bidder by Ruchi Soya in August 2018.

In December 2017, Indore-based Ruchi Soya Industries was referred for the Corporate Insolvency Resolution Process. Shailendra Ajmera was appointed the resolution professional (RP) by NCLT on the application of creditors Standard Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.

Ruchi Soya has a total debt of about Rs 12,000 crore. The debt-ridden firm has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

First Published:Apr 25, 2019 8:36 AM IST