Key Points
A Mumbai bench of the National Company Law Tribunal (NCLT) has allowed lenders to seek rebids for the debt laden Rolta India Ltd opening the door for Baba Ramdev's Patanjali Ayurved to make an offer for the company...
In an order on its website, a two judge bench of Prabhat Kumar Virendrasingh Bisht said together with Patanjali all other applicants which had submitted bids be allowed to revise their bids..
The resolution professional is directed to file appropriate application to seek further extension of time," the two judge bench said.. There was a suggestion that there could be a faceoff between the top bidder and Patanjali since its offer came after the process came to an end..
Patanjali has made an all unsolicited all cash offer of Rs 830 crore just days after Pune based Ashdan Properties's Rs 760 crore offer on a net present value (NPV) basis was declared the highest bidder by banks, ET had reported last week...
It owes a consortium of banks led by Union Bank of India (UBI) Rs 7100 crore and another Rs 6699 crore to unsecured foreign bond holders led by Citigroup, with total debt of close Rs 14,000 crore...
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Patanjali enters race with all-cash offer of ₹830 crore to acquire Rolta India
03, Feb, 24Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process.
Ashdan properties leads race to acquire Rolta India
04, Apr, 24Ashdan made a ₹850-crore cash offer to creditors, beating bids by Patanjali and MGN, following which the committee of creditors (CoC) decided not to go ahead with another round of bidding, people familiar with the matter said. In February, the Mumbai bench of the National Company Law Tribunal (NCLT) had allowed lenders to seek rebids for Rolta following a plea by Baba Ramdev's Patanjali Ayurved to make an offer for the company after the deadline for submitting fresh bids lapsed.