Baba Ramdev's entry in the race to buy Rolta India, know what is special about the company?

Many companies are now coming forward to buy the debt-ridden company Rolta India. Baba Ramdev's company Patanjali Ayurveda showed interest in buying him after the process was completed. NCLT has allowed Patanjali to bid for this. After which many other companies have also jumped into the race to buy it. These include Welspun Group's MGN Agro Properties and Mumbai-based company B-Rite Real Estate.

These companies have also obtained approval from NCLT to bid. The Mumbai bench of NCLT has asked all bidders to submit a formal expression of interest by February 25. Rolta India is a defense related software company but has a lot of real estate assets in Mumbai.

According to sources, three more companies have also shown interest in buying Rolta India. These include Ahmedabad-based company Rare ARC, Tamil Nadu's Sherisha Technologies and Pune-based company Mantra Properties. Confirming this, a senior official of Rare ARC said that the company has submitted its bid. Wellspan did not respond to an email for comment. Similarly, resolution professional Mamata Binani also did not respond to the email.

Several companies have shown interest in Rolta India after the NCLT allowed Patanjali to bid, a source said. Most of the eyes are on the company's real estate properties in Mumbai. The company has Rs. 200 crore in cash and Rs. 160 crores in insurance claims. Not much is known about the value of Rolta's software assets.

How much debt does the company have?

The company has three buildings in the SEEPZ area of ​​Mumbai. He also owns land in Kolkata and some flats in Mumbai. Their price is around 1200 crore rupees. All eyes are on him. Recently there was news that Patanjali has made an all-cash offer of Rs 830 crore for this. A few days ago, Pune-based company Ashdan Properties made the highest bid to buy Rolta India. Patanjali had filed a petition in the Mumbai bench of the NCLT seeking an order to the lenders to consider its bid.

Rolta India was filed for bankruptcy proceedings in January last year. A total of Rs. 14,000 crores in debt. Of this, loans to a consortium of banks led by Union Bank of India are Rs 7,100 crore. Unsecured foreign bondholders led by Citigroup also have Rs. 6,699 crores in outstanding dues. Ashdan Properties has offered Rs 760 crore. Patanjali's offer is the best but even with that 12 percent of secured creditors and 6 percent of the company's total debt will be recovered.