Adani Wilmar Ltd. won creditors' approval to take over insolvent Ruchi Soya Ltd., India's largest edible oil maker, according to two bankers who spoke on condition of anonymity.
At the end of a 24-hour voting process, more than 96 percent members of the committee of creditors for Ruchi Soya approved the resolution plan submitted by the Adani Group company, the bankers said. Creditors representing at least 66 percent of the outstanding dues of a company must approve a plan for it to go through under the Insolvency and Bankruptcy Code.
The bid involved Rs 4,300-crore repayment to financial creditors and over Rs 1,700 crore equity infusion in the company. Yoga guru Ramdev-backed Patanjali Ayurveda Ltd., the second-highest bidder, had offered Rs 4,065 crore to financial creditors and about Rs 1,700 crore worth of equity.
The Adani Wilmar bid would translate into a 53 percent haircut for financial creditors. Ruchi Soya owes lenders Rs 9,115 crore, according to claims admitted by Shailendra Ajmera, the resolution professional for the company. State Bank of India, according to the company's website, has the highest exposure of Rs 1,822 crore.
SBI, Adani Group and Patanjali have yet to respond to BloombergQuint's emailed queries.
Adani Group beat Patanjali under the Swiss auction mechanism where neither bidder offered to hike their previous bids, the bankers quoted earlier said. The offer will now be placed before the National Company Law Tribunal for a final nod, after which Adani Wilmar can take control of Ruchi Soya's assets.
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