Edible oil major Ruchi Soya Industries Ltd. on Friday said it has repaid Rs 2,925 crore loans to banks and has become a debt-free company.
Baba Ramdev's Patanjali Ayurved-led Ruchi Soya has recently raised Rs 4,300 crore through its follow-on public offer, and the part of the proceeds has been utilised to repay the debt.
Acharya Balkrishna, MD of Patanjali Ayurved Ltd., tweeted that Ruchi Soya has become debt-free.
In its draft red herring prospectus, the company had mentioned that it would repay loan of around Rs 1,950 crore to the lenders, a company spokesperson said.
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 bank led by State Bank of India. The 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.
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