Care downgrades Patanjali Ayurved due to weak financials
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Mumbai, Oct. 5 -- Rating agency Care has downgraded Baba Ramdev-led Patanjali Ayurved Ltd to A- from A+ due to weak financials, due to large outflow of funds from the company to Patanjali Consortium Adhigrahan Pvt Ltd, a special purpose vehicle (SPV) created for the acquisition of Ruchi Soya Industries Ltd.
Ruchi Soya informed stock exchanges last month that the National Company Law Tribunal (NCLT), Mumbai, in its order dated September 6 had approved Patanjali's Rs.4,350-crore resolution plan with certain modifications that were accepted by the bidder.
Patanjali Ayurved had a net worth of Rs.2,873 crore as of March 2019.
According to the order, funds infused from Patanjali Ayurved into the SPV should be in form of non-convertible deben...
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