Yoga guru Baba Ramdev-led Patanjali Ayurved has approached major public sector banks to secure funds for the acquisition of Ruchi Soya Industries worth Rs 4,350 crore, reported The Economic Times, quoting sources.

The homegrown consumer goods company is tying up with the banks to raise more than Rs 3,700 crore, the daily said. The company is looking to raise debt with a maturity of five years and above from PSUs including State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank and Jammu & Kashmir Bank, the report added.

“The funding is in the final stages of negotiation and the interest rates will be finalised soon… Patanjali had earlier approached several nonbanking channels but it backtracked after these investors sought a high level of disclosures,” a source was quoted as saying in the report.

Patanjali has not responded to ET's query. Earlier this month, Patanjali has acquired Ruchi Soya for Rs 4,325 crore in an insolvency auction started by lenders to recover over Rs 9,300 crore loans. The acquisition, the report said, will make Patanjali a major producer of soybean oils and help it in maintaining its growth momentum.