Ruchi Soya stock hits upper circuit after NCLT order

IANS | September 09, 2019 04:48 PM

MUMBAI: Ruchi Soya stocks on the BSE were locked in upper circuit after the company said that National Company Law Tribunal (NCLT) has approved Patanjali's resolution plan of Rs 4,350 crore.

The order stated that, Patanjali will "infuse the amount of Rs 4,350 crore in the SPV (special purpose vehicle) -- 'Patanjali Consortium Adhigrahan'-- which will be later amalgamated with Ruchi Soya.

According to an exchange filing, Ruchi Soya said that Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.

Besides, it will infuse another Rs 900 crore through the subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly Rs 11.89 crore.

The Ruchi Soya stock surged as much as five per cent in early trade to hit upper circuit on the BSE and was priced at Rs 4.84 per share.

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