Alok Industries witnesses 20% surge as RIL Invests Rs 3,300 Crore through preferential shares
时间:2024-06-26 10:01:56 阅读(143)
On January 2, the shares of Alok Industries experienced a remarkable surge, climbing 20 percent and hitting its upper circuit at Rs 25.80. This peak marked the stock’s highest level in the past 52 weeks. The rally was ignited by a significant investment move from Reliance Industries Ltd (RIL), which subscribed to non-convertible redeemable preferential shares amounting to Rs 3,300 crore.
The preferential shares were issued to RIL at an attractive dividend rate of 9% through a private placement basis. Notably, these preferential shares hold the feature of being redeemable at par anytime within a maximum period of 20 years from the date of allotment.
Reliance Industries, being a promoter in the textile manufacturing company, has a history of strategic involvement with Alok Industries. In 2020, RIL, in collaboration with JM Financial Asset Reconstruction Co, successfully acquired Alok Industries through bankruptcy proceedings. This acquisition was executed to recover the outstanding dues to creditors, solidifying RIL’s position in the textile sector.
As of the end of the September quarter, RIL held a substantial 40.01 percent stake in Alok Industries, while JM Financial Asset Reconstruction Co owned a noteworthy 34.99 percent stake. This recent move by Reliance Industries not only highlights its ongoing commitment to Alok Industries but also positions the textile company for potential growth and strategic developments in the coming years.
Investors and industry observers are keenly watching how this infusion of funds and strategic support from Reliance Industries will impact the future trajectory of Alok Industries, as both entities continue to collaborate and navigate the dynamics of the textile sector.
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