According to a report, when Ruchi Soya was acquired, Acharya Balkrishna and Baba Ramdev’s brother had given a personal guarantee to the bank against a loan of Rs 3375 crore. In such a situation, if the company does not pay the debt, then action will be taken against the promoters under the insolvency process.
Ruchi slept in preparing to bring an FPO of 4300 crores.
Recently, there was news that Baba Ramdev’s company Ruchi Soya wants to collect funds of Rs 4300 crore (Ruchi Soya FPO) through FPO. According to the DRHP filed by the company regarding the follow-on public offer, Baba Ramdev’s brother and Acharya Balkrishna has given a personal guarantee regarding the company’s loan. This loan was taken from banks when Ruchi Soya was acquired by Patanjali.
According to the report of Money Control, by FY 2025, Ruchi Soya has to repay the debt of 824 crores and by FY 2029, the company has to repay the debt of 1553 crores. In fact, it is also necessary to bring FPO for Ruchi Soya because according to the rules of SEBI, the promoter’s stake in any listed company cannot exceed 75 percent.
Promoter’s stake is 98.90 percent
Presently, the promoter’s stake in Ruchi Soya is 98.90 per cent and it has to bring down its stake to 75 per cent in the next three years. Patanjali Ayurved had acquired Ruchi Soya in December 2019 for Rs 4350 crore. Let us tell you that Ruchi Soya had a debt of about 9000 crores. Its acquisition was approved by NCLT on 4 September 2019. Under the approval, the same banks also gave a loan of 3250 crores to Patanjali, after which Ruchi Soya was acquired.
Which promoters have given personal guarantee
Banks offering loans include State Bank of India, Punjab National Bank, Union Bank of India, Canara Bank and Indian Bank. While taking the loan, Acharya Balkrishna, Baba Ramdev’s brother Ram Bharat and Snehlata Bharat had given personal guarantee. These three are the individual promoters of the company. Acharya Balkrishna holds 98.54 per cent stake in the company.
Changes brought about by the Supreme Court’s decision
Recently, the Supreme Court has said in one of its orders that if a company is unable to pay its debt, then banks or financial institutions can invoke the insolvency process against the promoters of the company. However, this will be possible only if the promoters have given a personal guarantee. As per the court order, if Ruchi Soya is unable to repay its loan on time, the personal guarantee of the promoters will be invoked.
4300 crore FPO is necessary for the company
In such a situation, the FPO of 4300 crores issued by Ruchi Soya is very important. When a bank gives a loan to a company, the bank marks some assets of the company as collateral. In such a situation, the bank has an opportunity to repay its loan by selling its assets if the company is unable to pay the loan. If the interest of the loan is not paid even for 90 days i.e. three months, then it is declared as default. For a defaulted loan, the bank has to go for provisioning and keep more money secure.
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