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Patanjali Ayurved Led Ruchi Soya Repays Full Rs 2,925 Crore Loans

Edible oil major Ruchi Soya said on Friday it had repaid loans of Rs 2,925 crore to banks and had become a debt-free business.

Ruchi Soya, led by Baba Ramdev’s Patanjali Ayurved, recently raised Rs 4,300 crore through its follow-on public offering, and some of the proceeds were used to repay debt.

Acharya Balkrishna, MD of Patanjali Ayurved Ltd, tweeted that Ruchi Soya is debt free. In its draft red herring prospectus, the company had mentioned that it would repay the loan of around Rs 1,950 crore to the lenders, a company spokesperson said.

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However, the company has decided to repay the entire debt amount of Rs 2,925 crore to its lenders. The money was paid to a consortium of banks led by the State Bank of India. Other banks in the consortium are Punjab National Bank, Union Bank of India, Syndicate Bank and Allahabad Bank.

In 2019, Patanjali had acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

(Edited by : Jomy Jos Pullokaran)

First post: STI

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