Patanjali enters race with all-cash offer of ₹830 crore to acquire Rolta India

Ashdan 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.

The resolution professional of the BSE-listed Future Supply Chain Solutions, Rajan Rawat, sought an extension of 45 days, pleading that two prospective resolution applicants have submitted their bids and lenders have already requested them to increase the value of their plans.

If lenders approve a binding offer for the two road projects and the steel company, it will be followed by a Swiss challenge auction. NARCL's offer for the three companies is less than 10% of their outstanding dues, one of the persons said.

India Shelter Finance IPO comprises a fresh equity issue of Rs 800 crore and an offer for sale (OFS) of Rs 400 crore. The issue is priced in the range of Rs 469-493. About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors.

Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.

About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

At the meeting, lenders evaluated three offers - a one-time settlement from the promoter company Reliance Power, and two separate offers from CFM Asset Reconstruction Company (ARC) and government-promoted National Asset Reconstruction Company (NARCL), the people said.

Patanjali had pleaded with the NCLT to consider its offer late last month. Rolta is a defence focussed software company which was admitted to the bankruptcy process in January 2023. 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.

The company received nine bids mostly ranging between ₹500 crore and ₹700 crore to settle the total debt of the company which amounts to ₹14,000 crore, these people said. Jain's bid includes some conditional payments linked to insurance claims filed by Rolta and also recoveries from certain fraudulent transactions by the erstwhile promoters, these people said.